The Global Bull Market: Examining the Dramatic Outperformance of Global Stocks vs. the US | Jack & Max

The podcast analyzes global market performance in 2025, challenging the narrative of U.S. dominance. While U.S. equities performed well, particularly big tech, the All Country World Index and emerging markets, notably South Korea and China, outperformed. The discussion highlights that a significant number of companies with over $5 billion market cap and marking up of over 100% were based in China. The conversation shifts to risks for 2026, including a potential AI bubble burst and a private credit crisis, while downplaying the likelihood of a hard landing. Tariffs are also discussed, with the speakers noting their surprisingly limited impact on the U.S. stock market and inflation.