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And that is a lot. ~$35T of assets owned by foreigners. And people think that the GFC was bad. And ahaaa. If there was such a crunch for CREDIT. Imagine EQUITIES. And ahaa. MOST of that foreign ownership is concentrated in equities. When people want liquidity now, that could unwind quickly. Then again, maybe I am being a "doomer" or something.

Here is another one.

I don't know if I am directional on earnings specifically. I just don't know how much longer it will last. Not financial advice, but if I had to guess, it ends in the next 1-2 years. Maybe earlier, more like this year or EOY 2027 at the latest. Then again, I can be more bearish than markets sometimes. And if there is genuine peace with China, it could be bullish. But I just don't know how many marginal buyers there are, and markets are priced to perfection. Less FCF with all the capex, etc. High CAPE and Shiller ratios. The US consumer is not doing well. PPI is up, and the new Fed Chair does not seem to be a dove. I don't think he would rescue equities. Retail and institutional exposure is high. Let me find a chart. And ahaa. I think foreign ownership is high, too. Just found this interesting blog post "ASSET SERVICING | MARCH 12, 2025
TREND LIGHTLY
Emerging Trends in Capital Markets". Here is one of the charts. Will send some more.

Bearish into earnings?