Slowly but surely trust in the US is eroding. US companies have traded at a premium for decades being at the forefront of the tech boom, and having the benefit of being the world reserve currency. A lot of these are slowly eroding. Dollar dominance has been in steady decline. Top companies are now leveraging up for datacenter development. Policy driven volatility has made it harder to model risk. If I were a fund, how am I supposed to price in risk when a tweet will move the market in seconds? You might fool me a few times but eventually trust fades and people stop believing in anything you say. I don’t think the US will be overtaken, but it’s not farfetched to see the S&P underperform some of its global counterparts for the next few years. International markets have already posted one of their best years in 2025 while still trading below US valuations. The global order may never go back to what it was in the past.