International & Emerging Markets
Ex-US equities, emerging markets, currency risk, and geographic diversification beyond the S&P 500.
European stocks: cheap for a reason or screaming buy?
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.
Withholding taxes on international dividends — what I've learned
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.
Currency risk in international investing — how I think about it
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.
Canadian stocks: cross-border opportunity?
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.
The case for international diversification in 2026
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.
Currency risk in international investing — how I think about it
Japan: the Nikkei finally broke its 1989 highs. Corporate governance reforms are real. Valuations still reasonable. Added 5% Japan exposure through EWJ last year.
Geopolitical risk premium in EM — is it priced in?
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 in international investing — how I think about it
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: uninvestable or generational opportunity?
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.
How much of your portfolio is outside the US?
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.
MSCI World ex-US: case for owning it despite recent underperformance
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.
The case for international diversification in 2026
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 allocation: the growth story I'm betting on
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 stocks: cheap for a reason or screaming buy?
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.
Canadian stocks: cross-border opportunity?
Japan: the Nikkei finally broke its 1989 highs. Corporate governance reforms are real. Valuations still reasonable. Added 5% Japan exposure through EWJ last year.
International small cap: the most overlooked asset class
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.
Geopolitical risk premium in EM — is it priced in?
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.
International small cap: the most overlooked asset class
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.
Geopolitical risk premium in EM — is it priced in?
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 allocation: the growth story I'm betting on
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.
International small cap: the most overlooked asset class
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 stocks: cheap for a reason or screaming buy?
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.
How much of your portfolio is outside the US?
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 stocks: cheap for a reason or screaming buy?
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 equities: is the cheap valuation finally working?
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.
Japan equities: is the cheap valuation finally working?
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.
Emerging markets: is the discount justified?
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.
Withholding taxes on international dividends — what I've learned
Japan: the Nikkei finally broke its 1989 highs. Corporate governance reforms are real. Valuations still reasonable. Added 5% Japan exposure through EWJ last year.
VEA vs VXUS — how I split developed/emerging exposure
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.
MSCI World ex-US: case for owning it despite recent underperformance
Japan: the Nikkei finally broke its 1989 highs. Corporate governance reforms are real. Valuations still reasonable. Added 5% Japan exposure through EWJ last year.
MSCI World ex-US: case for owning it despite recent underperformance
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.
Withholding taxes on international dividends — what I've learned
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.
Canadian stocks: cross-border opportunity?
Japan: the Nikkei finally broke its 1989 highs. Corporate governance reforms are real. Valuations still reasonable. Added 5% Japan exposure through EWJ last year.
VEA vs VXUS — how I split developed/emerging exposure
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.
Canadian stocks: cross-border opportunity?
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.
Geopolitical risk premium in EM — is it priced in?
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.
MSCI World ex-US: case for owning it despite recent underperformance
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.
VEA vs VXUS — how I split developed/emerging exposure
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.
Geopolitical risk premium in EM — is it priced in?
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.
Emerging markets: is the discount justified?
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 allocation: the growth story I'm betting on
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 allocation: the growth story I'm betting on
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.
The case for international diversification in 2026
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 in international investing — how I think about it
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: uninvestable or generational opportunity?
Japan: the Nikkei finally broke its 1989 highs. Corporate governance reforms are real. Valuations still reasonable. Added 5% Japan exposure through EWJ last year.
Withholding taxes on international dividends — what I've learned
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 stocks: cheap for a reason or screaming buy?
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.
Withholding taxes on international dividends — what I've learned
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.
VEA vs VXUS — how I split developed/emerging exposure
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.
How much of your portfolio is outside the US?
Japan: the Nikkei finally broke its 1989 highs. Corporate governance reforms are real. Valuations still reasonable. Added 5% Japan exposure through EWJ last year.