, Columnist
Doubting America Can Cost You a Lot of Money
Waiting for U.S. stocks to revert to the mean has meant sitting back and watching in horror. Goldman has been right to keep faith.
Still on top.
Photographer: Drew Angerer/Getty Images
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U.S. stock markets have far outpaced the rest of the world since the crisis. They have done so relentlessly and consistently. In the process, stocks have grown very expensive by conventional metrics. Most stock markets in the rest of the world have not. This leads many (including me) to fear that we are due for a big reversion to the norm. The U.S. cannot stay dominant that long.