American Unexceptionalism (Ben Inker and John Pease)

Citations · 6

• “About 80% of their outperformance came from sources of return that are unlikely to repeat: the dollar strengthening against almost every currency in the world and relative valuations expanding.”

  p#6 · confidence 95%

• “The S&P 500, for instance, has outpaced the rest of developed market equities by a cumulative 150% in the past fifteen years.”

  p#2 · confidence 95%

• “The median fundamental return for a stock in the S&P 500 (ex-financials) over the five years ending in December 2024 was an annualized 4.0%, which is lower than it is for any other five-year increment since the mid-80s”

  p#13 · confidence 95%

• “A full 60% of the companies in the S&P 500 were unable to reach the "old norm" fundamental return of 6% real.”

  p#13 · confidence 95%

• “The UK, Europe, Japan, and the rest of developed markets all trade at a 33% to 55% discount to American stocks.”

  p#35 · confidence 94%

• “The foreign-born workforce has dropped by over 1.9 million since the inauguration.”

  p#24 · confidence 95%