Martín Escobari

Do you remember that from... Yeah, diversification.

Diversification is the only free lunch.

So thinking strategically over how to diversify, with whom to diversify, is hard, but super valuable.

The premium for US exceptionalism has never been higher.

U.S.

public equities are trading at 26 times earnings for a 4% forecasted growth, which is at the 97th percentile of the last 25 years.

And the U.S.

dollar, despite a 10% depreciation this year, is pretty much two standard deviations away from the neutral state.

So the U.S.

has never been this expensive.

I love the U.S.

It's still the number one economy.

I still have half my assets in the U.S., but not 90% of my assets in the U.S.

Not only is it very expensive, total debt to GDP is 125% of GDP.

That is the highest of the OECD.

It's higher than it was after World War II when America levered to defeat the axis of evil.

Current plans in place, within five years, we're going to be at 145% of GDP, which is higher than Greece and Italy.

And the US has not had a recession since 2009.

Are you sure you want to have 95% of your assets in the United States of America?

I don't.