Strategist Who Called End of US Exceptionalism Sees No Recovery
Pedestrians near the New York Stock Exchange.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
Global investors’ rotation out of American assets will go on for years if President Donald Trump persists with his trade policy, according to a strategist who timed the unwind of US exceptionalism almost perfectly.
Societe Generale SA head of asset allocation Alain Bokobza was a US asset bull for a year until September 2024, when he warned of cracks appearing. He reiterated that call in February, warning investors to slash their exposure to US stocks and the dollar. The S&P 500 has fallen 15% since, while the Dollar Index is down nearly 9%.