<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/ChatGPT-Image-Jan-20-2026-04_59_02-PM.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1536" height="1024" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/ChatGPT-Image-Jan-20-2026-04_59_02-PM.png"/></p>
<p>在全球金融危機後的十多年裏，投資美國股票幾乎不需要解釋。</p>
<p>強勢美元週期、科技主導的盈利增長、財政信譽和機構深度為美國的結構性超配提供了依據。</p>
<p>回報強勁，領導地位明確，分散投資常常顯得不必要。</p>
<p>但如果這標誌着一個新市場週期的開始呢？實際上，全球股票再次超越美國，而其潛在驅動因素看起來比許多投資者預期的更為持久。</p>
<h2>盈利再次發揮作用</h2>
<p>過去一年一個顯著的特徵是價格與利潤之間的對齊。</p>
<p>華爾街預計，2026 年大型、中型和小型股票的盈利將普遍上升，而不僅僅是少數科技巨頭。</p>
<p>事實上，約三分之二的上市股票交易價格高於其 200 日移動平均線，遠高於長期標準。</p>
<p>這種廣度在歷史上通常與持久的擴張而非脆弱的反彈相吻合。</p>
<p>美國的經驗説明了這一點。標準普爾 500 指數在 2025 年上漲了約 16%，而盈利增長與之保持同步。</p>
<p>在美國以外，利潤增長實際上加速了。</p>
<p>根據彭博社和 MSCI 彙編的共識預測，預計新興市場的盈利在 2026 年前將以每年約 17% 的速度增長，而美國市場約為 12%，美國等權重指數接近 8%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/image-235-1024x626.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="626" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/image-235-1024x626.png"/></p>
<p>來源：CFA 協會</p>
<p>這裏的信號微妙但重要。盈利領導力不再集中在市場的最頂端。</p>
<h2>為什麼全球領導地位正在輪換</h2>
<p>在 2025 年，MSCI 全球除美國外的所有國家指數上漲超過 29%，幾乎是標準普爾 500 指數回報的兩倍。</p>
<p>巴西和加拿大是表現最好的國家，分別上漲 48.5% 和 35.8%，德國和英國緊隨其後。</p>
<p>2026 年初延續了這一模式。日本在年初至今的主要市場中領先，其次是巴西和中國，而美國則處於中間位置。</p>
<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/major-country-performance-stocks-2025-1024x581.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="581" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/major-country-performance-stocks-2025-1024x581.png"/></p>
<p>這種分散性非常突出。在投機時期，資本往往集中在最強和最安全的市場，壓縮其他地方的回報。</p>
<p>1990 年代末和疫情後的激增都遵循了這一劇本。</p>
<p>而我們今天看到的情況則有所不同。資本正在跨地區和行業分散，這在歷史上通常是中期擴張的特徵，而非晚期過剩。</p>
<p>歷史支持這一解讀。根據長期數據，自 1900 年以來，美國股票在大約一半的時間裏落後於國際市場。</p>
<p>金融危機後的時代因其持續時間和一致性而顯得不尋常。</p>
<p>十五年的美國主導地位讓人產生了全球多元化失去意義的印象。過去兩年重新打開了這個問題。</p>
<h2>美國集中問題</h2>
<p>美國股票面臨的挑戰不是經濟疲軟，而是集中度過高。</p>
<p>到 2025 年底，美國前十大公司約佔美國市場總市值的 36%，主要由大型科技公司推動。</p>
<p>估值反映了這種主導地位。美國股票的前瞻性市盈率約為 22 倍，而美國以外的發達市場約為 15 倍，新興市場接近 13 倍。</p>
<p>資本流動反映了這種不平衡。EPFR 數據顯示，本十年全球股票基金流入中超過四分之三流入了美國資產，儘管美國產生的全球企業盈利不到一半。</p>
<p>這種差距幾乎沒有留下失望的空間。盈利不需要下降就能施加壓力。</p>
<p>它們只需要增長速度低於預期。</p>
<h2>人工智能不再是美國獨有的交易</h2>
<p>在 2025 年，人工智能相關公司佔美國市場回報的 50% 以上。</p>
<p>人工智能投資也通過資本支出和財富效應對美國 GDP 增長產生了重要貢獻。</p>
<p>結果是一個越來越依賴單一主題的市場。該主題的持久性現在比多元化更為重要。</p>
<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/image-236.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="675" height="533" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/image-236.png"/></p>
<p>來源：RBC 財富管理</p>
<p>但不僅僅是美國在受益於人工智能。全球市場之所以重新獲得動力，正是因為人工智能已經超越了美國的資產負債表。</p>
<p>韓國的 Kospi 在 2025 年上漲近 76%，是自 1990 年代末以來的最佳表現。日本的日經指數上漲 26%，受益於芯片製造商和硬件供應商。</p>
<p>台灣半導體上漲近 47%，而阿里巴巴上漲超過 75%，因為它依靠自己的人工智能生態系統。</p>
<p>人工智能投資週期並不限於軟件。它涵蓋了代工廠、內存芯片、工業自動化和電力基礎設施。這些供應鏈遍佈亞洲和部分歐洲。</p>
<p>一旦盈利增長開始反映這一現實，資本就會跟隨，而人工智能的故事現在是全球性的。</p>
<h2>中國和貨幣信號</h2>
<p>中國在 2025 年和 2026 年初重新引起投資者關注的情況異常協調。</p>
<p>在香港上市的中國股票去年上漲超過 22%，而人民幣對美元升值超過 4%，這是自 2017 年以來股票和貨幣首次共同上漲。</p>
<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/image-237-1024x501.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="501" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/image-237-1024x501.png"/></p>
<p>來源：彭博社</p>
<p>儘管盈利增長預測在 2026 年和 2027 年接近中位數的十幾倍，但前瞻性估值仍然較低，約為 11 倍盈利。</p>
<p>幾家全球銀行現在預計人民幣將進一步升值，預測集中在每美元 6.5 到 6.8 之間。</p>
<p>更強的貨幣改善了以美元計價的股票回報，並增強了資本流入。</p>
<p>與此同時，中國的出口表現、穩定的銀行系統和對先進製造業的重新關注緩解了對經濟弱點的擔憂。</p>
<p>房地產和消費仍然是問題，儘管它們不再是投資者看待市場的唯一視角。</p>
<h2>美元與下一個週期階段</h2>
<p>2025 年，美國美元下跌了大約 9%，是自 2017 年以來最糟糕的一年。從歷史上看，國際股票持續超越表現的時期通常與多年的美元下行週期相一致。</p>
<p>美元經歷了 13 年的牛市，得益於更高的增長、緊縮的政策和資本流入。</p>
<p>這些支持因素現在不再那麼強勁。美國的債務水平更高，增長差距在縮小，利率差異也不再明確。</p>
<p>即使是穩定的美元也改變了計算方式。國際回報不再需要過於樂觀的假設來與美國資產競爭。</p>
<p>它們只需要盈利增長和合理的估值。</p>
<p>新出現的局面並不是對美國市場的拒絕，而是迴歸平衡。</p>
<p>盈利增長正在擴散，領導地位正在輪換，資本正在重新發現那些多年來被忽視的替代投資。</p>
<p>對於那些花了十年時間觀察一切趨同於一種交易的投資者來説，這可能是最重要的變化。</p>
<p>關於全球股票相對於美國股票的案例越來越難以忽視，最初出現在 Invezz 上。</p>

KT公司

<p>這篇文章討論了投資環境的變化，強調全球股票開始超越美國股票，結束了後者十年的主導地位。關鍵因素包括各個行業的廣泛盈利增長，新興市場預計將實現顯著的利潤增長。美國市場資本集中在少數大型科技公司引發了對可持續性的擔憂。此外，文章還提到人工智能投資的全球影響，韓國和日本等國家也從這一趨勢中受益。總體而言，文章暗示投資策略可能會向全球多元化轉變</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/ChatGPT-Image-Jan-20-2026-04_59_02-PM.png" alt="" original-src="https://invezz.com/wp-content/uploads/2026/01/ChatGPT-Image-Jan-20-2026-04_59_02-PM.png"/></p>
<p>For more than a decade after the global financial crisis, betting on US stocks required little explanation.</p>
<div class="lb-trans"><p>在全球金融危機後的十多年裏，投資美國股票幾乎不需要解釋。</p>
</div><p>Strong dollar cycles, tech-led earnings growth, fiscal credibility, and institutional depth justified a structural US overweight.</p>
<div class="lb-trans"><p>強勢美元週期、科技主導的盈利增長、財政信譽和機構深度為美國的結構性超配提供了依據。</p>
</div><p>Returns were strong, leadership was clear, and diversification often felt unnecessary.</p>
<div class="lb-trans"><p>回報強勁，領導地位明確，分散投資常常顯得不必要。</p>
</div><p>But what if this is the beginning of a new market cycle? Indeed, global stocks are outperforming the US again, and the underlying drivers look more durable than many investors expected.</p>
<div class="lb-trans"><p>但如果這標誌着一個新市場週期的開始呢？實際上，全球股票再次超越美國，而其潛在驅動因素看起來比許多投資者預期的更為持久。</p>
</div><h2>Earnings are doing the work again</h2>
<div class="lb-trans"><h2>盈利再次發揮作用</h2>
</div><p>A defining feature of the past year has been the alignment between prices and profits.</p>
<div class="lb-trans"><p>過去一年一個顯著的特徵是價格與利潤之間的對齊。</p>
</div><p>Wall Street expects earnings to rise across large, mid and small-cap stocks in 2026, not just in a handful of technology giants.</p>
<div class="lb-trans"><p>華爾街預計，2026 年大型、中型和小型股票的盈利將普遍上升，而不僅僅是少數科技巨頭。</p>
</div><p>In fact, roughly two-thirds of listed stocks trade above their 200-day moving averages, well above long term norms.</p>
<div class="lb-trans"><p>事實上，約三分之二的上市股票交易價格高於其 200 日移動平均線，遠高於長期標準。</p>
</div><p>That type of breadth has historically coincided with durable expansions rather than fragile rallies.</p>
<div class="lb-trans"><p>這種廣度在歷史上通常與持久的擴張而非脆弱的反彈相吻合。</p>
</div><p>The US experience illustrates the point. The S&amp;P 500 rose about 16% in 2025, while earnings growth kept pace.</p>
<div class="lb-trans"><p>美國的經驗説明了這一點。標準普爾 500 指數在 2025 年上漲了約 16%，而盈利增長與之保持同步。</p>
</div><p>Outside the US, profit growth has actually accelerated.</p>
<div class="lb-trans"><p>在美國以外，利潤增長實際上加速了。</p>
</div><p>According to consensus forecasts compiled by Bloomberg and MSCI, emerging market earnings are expected to grow around 17% annually through 2026, compared with roughly 12% for the US market and closer to 8% for the US equal weight index.</p>
<div class="lb-trans"><p>根據彭博社和 MSCI 彙編的共識預測，預計新興市場的盈利在 2026 年前將以每年約 17% 的速度增長，而美國市場約為 12%，美國等權重指數接近 8%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/image-235-1024x626.png" alt="" original-src="https://invezz.com/wp-content/uploads/2026/01/image-235-1024x626.png"/></p>
<p>Source: CFA Institute</p>
<div class="lb-trans"><p>來源：CFA 協會</p>
</div><p>The signal here is subtle but important. Earnings leadership is no longer concentrated at the very top of the market.</p>
<div class="lb-trans"><p>這裏的信號微妙但重要。盈利領導力不再集中在市場的最頂端。</p>
</div><h2>Why global leadership is rotating</h2>
<div class="lb-trans"><h2>為什麼全球領導地位正在輪換</h2>
</div><p>In 2025, the MSCI All Country World ex US index gained more than 29%, almost double the S&amp;P 500 return.</p>
<div class="lb-trans"><p>在 2025 年，MSCI 全球除美國外的所有國家指數上漲超過 29%，幾乎是標準普爾 500 指數回報的兩倍。</p>
</div><p>Brazil and Canada were the top performers with 48.5% and 35.8%, respectively, with Germany and the UK very close behind.</p>
<div class="lb-trans"><p>巴西和加拿大是表現最好的國家，分別上漲 48.5% 和 35.8%，德國和英國緊隨其後。</p>
</div><p>Early 2026 has extended that pattern. Japan leads major markets year to date, followed by Brazil and China, all while the US is sitting in the middle of the pack.</p>
<div class="lb-trans"><p>2026 年初延續了這一模式。日本在年初至今的主要市場中領先，其次是巴西和中國，而美國則處於中間位置。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/major-country-performance-stocks-2025-1024x581.png" alt="" original-src="https://invezz.com/wp-content/uploads/2026/01/major-country-performance-stocks-2025-1024x581.png"/></p>
<p>This kind of dispersion stands out. During speculative periods, capital tends to crowd into the strongest and safest market, compressing returns elsewhere.</p>
<div class="lb-trans"><p>這種分散性非常突出。在投機時期，資本往往集中在最強和最安全的市場，壓縮其他地方的回報。</p>
</div><p>The late 1990s and the post pandemic surge both followed that script.</p>
<div class="lb-trans"><p>1990 年代末和疫情後的激增都遵循了這一劇本。</p>
</div><p>What we see today looks different. Capital is spreading across regions and sectors, which has historically been a feature of mid cycle expansions rather than late stage excess.</p>
<div class="lb-trans"><p>而我們今天看到的情況則有所不同。資本正在跨地區和行業分散，這在歷史上通常是中期擴張的特徵，而非晚期過剩。</p>
</div><p>History supports this interpretation. Since 1900, US equities have lagged international markets roughly half the time, according to long run datasets.</p>
<div class="lb-trans"><p>歷史支持這一解讀。根據長期數據，自 1900 年以來，美國股票在大約一半的時間裏落後於國際市場。</p>
</div><p>The post financial crisis era was unusual for its length and consistency.</p>
<div class="lb-trans"><p>金融危機後的時代因其持續時間和一致性而顯得不尋常。</p>
</div><p>Fifteen years of US dominance created the impression that global diversification had lost its purpose. The last two years have reopened that question.</p>
<div class="lb-trans"><p>十五年的美國主導地位讓人產生了全球多元化失去意義的印象。過去兩年重新打開了這個問題。</p>
</div><h2>The US concentration problem</h2>
<div class="lb-trans"><h2>美國集中問題</h2>
</div><p>The challenge for US equities is not economic weakness, but concentration.</p>
<div class="lb-trans"><p>美國股票面臨的挑戰不是經濟疲軟，而是集中度過高。</p>
</div><p>By the end of 2025, the ten largest US companies represented about 36% of total US market capitalisation, driven mostly by large technology firms.</p>
<div class="lb-trans"><p>到 2025 年底，美國前十大公司約佔美國市場總市值的 36%，主要由大型科技公司推動。</p>
</div><p>Valuations reflect that dominance. US stocks trade at roughly 22 times forward earnings, compared with about 15 times for developed markets outside the US and near 13 times for emerging markets.</p>
<div class="lb-trans"><p>估值反映了這種主導地位。美國股票的前瞻性市盈率約為 22 倍，而美國以外的發達市場約為 15 倍，新興市場接近 13 倍。</p>
</div><p>Capital flows mirror this imbalance. EPFR data show that more than three-quarters of global equity fund inflows this decade have gone into US assets, even though the US generates less than half of global corporate earnings.</p>
<div class="lb-trans"><p>資本流動反映了這種不平衡。EPFR 數據顯示，本十年全球股票基金流入中超過四分之三流入了美國資產，儘管美國產生的全球企業盈利不到一半。</p>
</div><p>That gap leaves little room for disappointment. Earnings do not need to fall for pressure to build.</p>
<div class="lb-trans"><p>這種差距幾乎沒有留下失望的空間。盈利不需要下降就能施加壓力。</p>
</div><p>They only need to grow less quickly than expected.</p>
<div class="lb-trans"><p>它們只需要增長速度低於預期。</p>
</div><h2>AI is no longer a US-only trade</h2>
<div class="lb-trans"><h2>人工智能不再是美國獨有的交易</h2>
</div><p>In 2025, AI-related companies accounted for more than 50% of US market returns.</p>
<div class="lb-trans"><p>在 2025 年，人工智能相關公司佔美國市場回報的 50% 以上。</p>
</div><p>AI investment also contributed meaningfully to US GDP growth through capital spending and wealth effects.</p>
<div class="lb-trans"><p>人工智能投資也通過資本支出和財富效應對美國 GDP 增長產生了重要貢獻。</p>
</div><p>The result is a market that increasingly depends on a single theme. The durability of that theme now carries more weight than diversification.</p>
<div class="lb-trans"><p>結果是一個越來越依賴單一主題的市場。該主題的持久性現在比多元化更為重要。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/image-236.png" alt="" original-src="https://invezz.com/wp-content/uploads/2026/01/image-236.png"/></p>
<p>Source: RBC Wealth Management</p>
<div class="lb-trans"><p>來源：RBC 財富管理</p>
</div><p>But it’s not just the US benefiting from AI. Global markets have regained momentum exactly because AI has spread beyond US balance sheets.</p>
<div class="lb-trans"><p>但不僅僅是美國在受益於人工智能。全球市場之所以重新獲得動力，正是因為人工智能已經超越了美國的資產負債表。</p>
</div><p>South Korea’s Kospi surged nearly 76% in 2025, its best year since the late 1990s. Japan’s Nikkei rose 26%, lifted by chipmakers and hardware suppliers.</p>
<div class="lb-trans"><p>韓國的 Kospi 在 2025 年上漲近 76%，是自 1990 年代末以來的最佳表現。日本的日經指數上漲 26%，受益於芯片製造商和硬件供應商。</p>
</div><p>Taiwan Semiconductor gained nearly 47%, while Alibaba climbed more than 75% as it leaned into its own AI ecosystem.</p>
<div class="lb-trans"><p>台灣半導體上漲近 47%，而阿里巴巴上漲超過 75%，因為它依靠自己的人工智能生態系統。</p>
</div><p>The AI investment cycle is not confined to software. It runs through foundries, memory chips, industrial automation and power infrastructure. Those supply chains sit across Asia and parts of Europe.</p>
<div class="lb-trans"><p>人工智能投資週期並不限於軟件。它涵蓋了代工廠、內存芯片、工業自動化和電力基礎設施。這些供應鏈遍佈亞洲和部分歐洲。</p>
</div><p>Once earnings growth begins to reflect that reality, capital follows, and the AI story is now global.</p>
<div class="lb-trans"><p>一旦盈利增長開始反映這一現實，資本就會跟隨，而人工智能的故事現在是全球性的。</p>
</div><h2>China and the currency signal</h2>
<div class="lb-trans"><h2>中國和貨幣信號</h2>
</div><p>China’s return to investor attention in 2025 and early 2026 has been unusually coordinated.</p>
<div class="lb-trans"><p>中國在 2025 年和 2026 年初重新引起投資者關注的情況異常協調。</p>
</div><p>Chinese equities listed in Hong Kong rose more than 22% last year, while the yuan strengthened over 4% against the dollar, the first time stocks and currency rallied together since 2017.</p>
<div class="lb-trans"><p>在香港上市的中國股票去年上漲超過 22%，而人民幣對美元升值超過 4%，這是自 2017 年以來股票和貨幣首次共同上漲。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/image-237-1024x501.png" alt="" original-src="https://invezz.com/wp-content/uploads/2026/01/image-237-1024x501.png"/></p>
<p>Source: Bloomberg</p>
<div class="lb-trans"><p>來源：彭博社</p>
</div><p>Forward valuations remain low at around 11 times earnings, even as earnings growth forecasts climb toward the mid-teens for 2026 and 2027.</p>
<div class="lb-trans"><p>儘管盈利增長預測在 2026 年和 2027 年接近中位數的十幾倍，但前瞻性估值仍然較低，約為 11 倍盈利。</p>
</div><p>Several global banks now expect further yuan strength, with forecasts clustered between 6.5 and 6.8 per dollar.</p>
<div class="lb-trans"><p>幾家全球銀行現在預計人民幣將進一步升值，預測集中在每美元 6.5 到 6.8 之間。</p>
</div><p>A firmer currency improves dollar-based equity returns and reinforces capital inflows.</p>
<div class="lb-trans"><p>更強的貨幣改善了以美元計價的股票回報，並增強了資本流入。</p>
</div><p>At the same time, China’s export performance, stable banking system and renewed focus on advanced manufacturing have softened concerns about the economy’s weaker areas.</p>
<div class="lb-trans"><p>與此同時，中國的出口表現、穩定的銀行系統和對先進製造業的重新關注緩解了對經濟弱點的擔憂。</p>
</div><p>Property and consumption remain problems, although they are no longer the only lens through which investors view the market.</p>
<div class="lb-trans"><p>房地產和消費仍然是問題，儘管它們不再是投資者看待市場的唯一視角。</p>
</div><h2>The dollar and the next phase of the cycle</h2>
<div class="lb-trans"><h2>美元與下一個週期階段</h2>
</div><p>The US dollar fell roughly 9% in 2025, its worst year since 2017. Historically, sustained periods of international equity outperformance have aligned with multi year dollar down cycles.</p>
<div class="lb-trans"><p>2025 年，美國美元下跌了大約 9%，是自 2017 年以來最糟糕的一年。從歷史上看，國際股票持續超越表現的時期通常與多年的美元下行週期相一致。</p>
</div><p>The dollar enjoyed a 13-year bull run supported by higher growth, tighter policy and capital inflows.</p>
<div class="lb-trans"><p>美元經歷了 13 年的牛市，得益於更高的增長、緊縮的政策和資本流入。</p>
</div><p>Those supports are no longer as strong. US debt levels are higher, growth gaps are narrowing, and rate differentials are less clear.</p>
<div class="lb-trans"><p>這些支持因素現在不再那麼強勁。美國的債務水平更高，增長差距在縮小，利率差異也不再明確。</p>
</div><p>Even a stable dollar changes the arithmetic. International returns no longer need heroic assumptions to compete with US assets.</p>
<div class="lb-trans"><p>即使是穩定的美元也改變了計算方式。國際回報不再需要過於樂觀的假設來與美國資產競爭。</p>
</div><p>They only need earnings growth and reasonable valuations.</p>
<div class="lb-trans"><p>它們只需要盈利增長和合理的估值。</p>
</div><p>The emerging picture is not a rejection of US markets. It is a return to balance.</p>
<div class="lb-trans"><p>新出現的局面並不是對美國市場的拒絕，而是迴歸平衡。</p>
</div><p>Earnings growth is spreading, leadership is rotating, and capital is rediscovering alternatives that were ignored for years.</p>
<div class="lb-trans"><p>盈利增長正在擴散，領導地位正在輪換，資本正在重新發現那些多年來被忽視的替代投資。</p>
</div><p>For investors who spent a decade watching everything converge into one trade, that may be the most important change of all.</p>
<div class="lb-trans"><p>對於那些花了十年時間觀察一切趨同於一種交易的投資者來説，這可能是最重要的變化。</p>
</div><p>The post The case for global stocks over US equities is getting harder to ignore appeared first on Invezz</p>
<div class="lb-trans"><p>關於全球股票相對於美國股票的案例越來越難以忽視，最初出現在 Invezz 上。</p>
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全球股票相對於美國股票的投資理由越來越難以忽視