Institutional investor allocations to U.S. private markets are considered egregiously high.

U.S. asset outperformance since 2020 was primarily driven by massive fiscal spending that significantly outpaced the rest of the world.

Europe is expected to receive a massive influx of LNG supply over the next two years, which will counter the narrative of its deindustrialization.

U.S. fiscal spending during the pandemic was four times greater than Europe's, a disparity attributed to populism and income inequality rather than public health needs.

The only scenario for continued U.S. asset outperformance is the outbreak of major geopolitical or military conflicts around the world.

The current multipolar world order makes it very difficult for the U.S. to build an effective anti-China coalition, similar to the geopolitical dynamics of the 19th century.