Today let's take a look at how the stock market here in the US is doing compared to the rest of the world,

and you can see it's a quite remarkable story.

Ever since the great financial crisis, which of course started here in New York,

we have seen a huge outperformance of the rest of the world by the US.

Now, there are no secrets why that's been, the Federal Reserve has made life much easier for American companies,

the dollar has strengthened and the US economy in general has been stronger,

but you have to ask how much longer that will continue.

With a stronger dollar that makes the international earnings of S&P 500 companies a bit weaker

it had helped flatter the earnings of foreign companies.

Also it will tend to constrict the US economy at home,

with people expecting the Federal Reserve is gonna tighten this year while other big central banks won't.

That should mean that the US economy will perform generally worse.

Finally, of course, other countries have taken longer to emerge from the Great Recession that followed the crisis,

there has to be a good chance that they will at least start to correct that.

Markets have a momentum, it's quite possible that the US great outperformance can continue a bit longer,

but it's hard to see how it can continue.