It was not so long ago that the numbers on this slide read 50/50 in both categories. No more, as the slide says there are now vast opportunities beyond US Borders.
The last decade was extraordinary. The US benefited from a period of incredible technology and health care innovation, and we can expect that many of those companies will continue doing well. But the same pattern that has driven the U.S. is becoming more global. As the chart shows, more and more, the best performing companies will be global.
Rotation is beginning. As globalization continues we expect the U.S. to continue to perform well, but it is very likely that other economies may perform better.
One reason is there is a lot more innovation outside the U.S. than you might think. The same pattern that has driven the U.S. market for the past 10 years is broadening across the globe.
From an investment perspective it is no longer the U.S. versus non-U.S. - there should now be a single perspective, GLOBAL.
