Shuli Ren, Columnist

US Exceptionalism Is the Only Game in Town

Trump’s tariffs will only speed up a global rush into the dollar and US stocks.

February 3, 2025 at 8:00 PM UTC

Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. A former investment banker, she was a markets reporter for Barron’s. She is a CFA charterholder.

Nowhere to run but toward Wall St stocks.
Photographer: Michael Nagle/Bloomberg

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Investors naturally worry when a trade gets crowded.

The dollar and US stocks have benefitted tremendously from recent global portfolio inflows. As of June 2023, the latest data available, foreigners owned a record 17% of US equities. In a poll Goldman Sachs Group Inc. conducted at its January conference in London, a whopping 58% of participants expected the US to be the top-performing market this year, with Japan notching a distant 13%. Last year, the US tech rally juiced returns at hedge funds across Asia.