The noise is getting louder. Whether it’s the headlines, social media posts, commodity and currency market activity, or just the feeling that “this time is different,” the “sell America” trade — the idea of reallocating a part of portfolios away from the U.S. — is taking hold. We’ll see if it sticks.
I’m skeptical of the “sell America” trade. Not necessarily because of the intentions, but because markets are electronically linked to a degree we’ve never seen. Even if the sentiment of “increase international” is growing among some part of U.S.-based investors, there’s an elephant in the room. It's this:
