As the United States marks 250 years of independence, investors are asking whether its markets can continue to deliver long-term outperformance in the face of elevated valuations and global competition. What are America’s enduring structural advantages, and could we be entering a new investment era?

In this episode of The View Beyond, Bernadette Anderko is joined by Mark Matthews, Head of Research Asia at Julius Baer, to discuss the investability of the US market as it celebrates a major milestone. Together, they examine the historical drivers of US market leadership, from industrialisation to the current wave of artificial intelligence, and consider whether the region’s capitalist foundations and deep capital markets remain intact. The conversation covers the implications of high valuation multiples, the role of innovation cycles, the impact of market concentration, and the risks posed by political and economic shifts. Mark also shares his perspective on what could signal a regime change, and how investors should think about their US exposure in the context of global opportunities.

(00:00) - Introduction
(02:01) - US structural advantages: Resources, population, and capitalism
(05:17) - Historical cycles: How US leadership translated into market outperformance
(06:30) - Innovation today: Artificial intelligence and the speed of change
(07:23) - Valuations and earnings: Are US equities too expensive?
(08:22) - Market concentration: The Magnificent Seven and broader performance
(09:15) - Could US market leadership be ending? Comparing global markets
(11:23) - Key risks: Economic inequality and political shifts
(13:11) - Are we in a new investment era? Technology, IPOs, and market sentiment
(14:01) - What would signal a regime shift? The role of the dollar and interest rates
(14:45) - Investment approach: Staying invested for the long term
(15:10) - Can US structural advantages support continued outperformance?
(17:03) - Closing remarks and legal reminder

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The View Beyond: Will the 4th of July party continue for US markets?

Moving Markets

The View Beyond: Will the 4th of July party continue for US markets?