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Opinion
John Authers

That Giant Sucking Sound Is the Exit From US Stocks

There hasn’t been an underweighting like this since Hurricane Katrina. Plus: Europe gets a break, and how Morgan Stanley upset Goldman Sachs.

Hurricane Katrina devastated the Gulf Coast in 2005, inciting fears of a recession.

Hurricane Katrina devastated the Gulf Coast in 2005, inciting fears of a recession.

Photographer: Universal Images Group/Getty

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About turn. The US and its stock market have led the rest of the planet ever since going into the financial crisis in 2008. Now, with startling swiftness, big investors believe the trend is at last about to reverse.