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European valuations: P/E of 14x vs S&P at 22x. Yes Europe has structural issues. But an 8x multiple gap is a lot of buffer for things to go wrong.

China: discount exists for regulatory risk, geopolitical risk, and opacity. I reduced China from 15% to 5% of my international allocation. Still there, but sizing reflects the risks.

US market is 65% of global market cap. Holding only US stocks is an active bet that this concentration persists. I hold 30% international (VXUS) because I don't know which market wins over 30 years.

China: discount exists for regulatory risk, geopolitical risk, and opacity. I reduced China from 15% to 5% of my international allocation. Still there, but sizing reflects the risks.

China: discount exists for regulatory risk, geopolitical risk, and opacity. I reduced China from 15% to 5% of my international allocation. Still there, but sizing reflects the risks.

Japan: the Nikkei finally broke its 1989 highs. Corporate governance reforms are real. Valuations still reasonable. Added 5% Japan exposure through EWJ last year.

Currency risk is real but bidirectional. A weaker dollar helps your international returns. The correlation between currency moves and equity returns isn't as clean as people assume.

India thesis: 1.4B population, median age 28, rising middle class, English-speaking workforce, democratic rule of law. GDP growth 6-7%. Market is expensive but for a reason.

Currency risk is real but bidirectional. A weaker dollar helps your international returns. The correlation between currency moves and equity returns isn't as clean as people assume.

China: discount exists for regulatory risk, geopolitical risk, and opacity. I reduced China from 15% to 5% of my international allocation. Still there, but sizing reflects the risks.

European valuations: P/E of 14x vs S&P at 22x. Yes Europe has structural issues. But an 8x multiple gap is a lot of buffer for things to go wrong.

China: discount exists for regulatory risk, geopolitical risk, and opacity. I reduced China from 15% to 5% of my international allocation. Still there, but sizing reflects the risks.

India thesis: 1.4B population, median age 28, rising middle class, English-speaking workforce, democratic rule of law. GDP growth 6-7%. Market is expensive but for a reason.

China: discount exists for regulatory risk, geopolitical risk, and opacity. I reduced China from 15% to 5% of my international allocation. Still there, but sizing reflects the risks.

Japan: the Nikkei finally broke its 1989 highs. Corporate governance reforms are real. Valuations still reasonable. Added 5% Japan exposure through EWJ last year.

India thesis: 1.4B population, median age 28, rising middle class, English-speaking workforce, democratic rule of law. GDP growth 6-7%. Market is expensive but for a reason.

Currency risk is real but bidirectional. A weaker dollar helps your international returns. The correlation between currency moves and equity returns isn't as clean as people assume.

Currency risk is real but bidirectional. A weaker dollar helps your international returns. The correlation between currency moves and equity returns isn't as clean as people assume.

European valuations: P/E of 14x vs S&P at 22x. Yes Europe has structural issues. But an 8x multiple gap is a lot of buffer for things to go wrong.

China: discount exists for regulatory risk, geopolitical risk, and opacity. I reduced China from 15% to 5% of my international allocation. Still there, but sizing reflects the risks.

US market is 65% of global market cap. Holding only US stocks is an active bet that this concentration persists. I hold 30% international (VXUS) because I don't know which market wins over 30 years.

European valuations: P/E of 14x vs S&P at 22x. Yes Europe has structural issues. But an 8x multiple gap is a lot of buffer for things to go wrong.

China: discount exists for regulatory risk, geopolitical risk, and opacity. I reduced China from 15% to 5% of my international allocation. Still there, but sizing reflects the risks.

US market is 65% of global market cap. Holding only US stocks is an active bet that this concentration persists. I hold 30% international (VXUS) because I don't know which market wins over 30 years.

Currency risk is real but bidirectional. A weaker dollar helps your international returns. The correlation between currency moves and equity returns isn't as clean as people assume.

US market is 65% of global market cap. Holding only US stocks is an active bet that this concentration persists. I hold 30% international (VXUS) because I don't know which market wins over 30 years.

European valuations: P/E of 14x vs S&P at 22x. Yes Europe has structural issues. But an 8x multiple gap is a lot of buffer for things to go wrong.

Japan: the Nikkei finally broke its 1989 highs. Corporate governance reforms are real. Valuations still reasonable. Added 5% Japan exposure through EWJ last year.

India thesis: 1.4B population, median age 28, rising middle class, English-speaking workforce, democratic rule of law. GDP growth 6-7%. Market is expensive but for a reason.

Japan: the Nikkei finally broke its 1989 highs. Corporate governance reforms are real. Valuations still reasonable. Added 5% Japan exposure through EWJ last year.

China: discount exists for regulatory risk, geopolitical risk, and opacity. I reduced China from 15% to 5% of my international allocation. Still there, but sizing reflects the risks.

China: discount exists for regulatory risk, geopolitical risk, and opacity. I reduced China from 15% to 5% of my international allocation. Still there, but sizing reflects the risks.

Japan: the Nikkei finally broke its 1989 highs. Corporate governance reforms are real. Valuations still reasonable. Added 5% Japan exposure through EWJ last year.

European valuations: P/E of 14x vs S&P at 22x. Yes Europe has structural issues. But an 8x multiple gap is a lot of buffer for things to go wrong.

India thesis: 1.4B population, median age 28, rising middle class, English-speaking workforce, democratic rule of law. GDP growth 6-7%. Market is expensive but for a reason.

European valuations: P/E of 14x vs S&P at 22x. Yes Europe has structural issues. But an 8x multiple gap is a lot of buffer for things to go wrong.

European valuations: P/E of 14x vs S&P at 22x. Yes Europe has structural issues. But an 8x multiple gap is a lot of buffer for things to go wrong.

India thesis: 1.4B population, median age 28, rising middle class, English-speaking workforce, democratic rule of law. GDP growth 6-7%. Market is expensive but for a reason.

India thesis: 1.4B population, median age 28, rising middle class, English-speaking workforce, democratic rule of law. GDP growth 6-7%. Market is expensive but for a reason.

European valuations: P/E of 14x vs S&P at 22x. Yes Europe has structural issues. But an 8x multiple gap is a lot of buffer for things to go wrong.

European valuations: P/E of 14x vs S&P at 22x. Yes Europe has structural issues. But an 8x multiple gap is a lot of buffer for things to go wrong.

US market is 65% of global market cap. Holding only US stocks is an active bet that this concentration persists. I hold 30% international (VXUS) because I don't know which market wins over 30 years.

Currency risk is real but bidirectional. A weaker dollar helps your international returns. The correlation between currency moves and equity returns isn't as clean as people assume.

India thesis: 1.4B population, median age 28, rising middle class, English-speaking workforce, democratic rule of law. GDP growth 6-7%. Market is expensive but for a reason.

Japan: the Nikkei finally broke its 1989 highs. Corporate governance reforms are real. Valuations still reasonable. Added 5% Japan exposure through EWJ last year.

US market is 65% of global market cap. Holding only US stocks is an active bet that this concentration persists. I hold 30% international (VXUS) because I don't know which market wins over 30 years.

US market is 65% of global market cap. Holding only US stocks is an active bet that this concentration persists. I hold 30% international (VXUS) because I don't know which market wins over 30 years.

European valuations: P/E of 14x vs S&P at 22x. Yes Europe has structural issues. But an 8x multiple gap is a lot of buffer for things to go wrong.

US market is 65% of global market cap. Holding only US stocks is an active bet that this concentration persists. I hold 30% international (VXUS) because I don't know which market wins over 30 years.

Japan: the Nikkei finally broke its 1989 highs. Corporate governance reforms are real. Valuations still reasonable. Added 5% Japan exposure through EWJ last year.