Bridgewater Associates CIO Greg Jensen claimed “it’s a dangerous time to be overexposed to US assets, and almost everyone is”

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forwardguidance" rel="nofollow">subscribe</a>.<hr>The law of unintended consequences is a premise in social sciences that shines a light on the outcomes of a purposeful — but not intended or foreseen — action.As I think through the second and third order effects of Trump’s policies thus far, this notion feels increasingly crucial to consider.In <a href="https://www.wsj.com/opinion/the-trade-war-will-pound-stocks-trump-market-effect-bd4bc8d6" rel="nofollow">a recent op-ed</a> in the Wall Street Journal, Bridgewater Associates CIO Greg Jensen claimed that “it’s a dangerous time to be overexposed to US assets, and almost everyone is.” Jensen is right. Heading into 2025, nearly all of Wall Street was on board for the US exceptionalism trade and the idea of hiding out in Mag 7 stocks:<figure><img alt="" src="https://static.fwimg.io/img/feed/4d99785d2f4b3f12dcd361550a7065e5.jpg"></figure>As we begin to unpack the effects of Trump’s <a href="https://blockworks.co/news/tariffs-impact-equities-volatility" rel="nofollow">trade policies</a>, I’m starting to see a major recalibration of global capital flows unfold that I don’t think was fully anticipated by the president and his team. If you compare the MSCI USA index to MSCI World, we can see how, over the past couple of years, the US surged higher — driven by outsized fiscal deficits — while the rest of the world was experiencing a despondent economy. However, since Trump began his trade policy dealmaking and pursuit of lower deficits, this ratio has been falling apart:<figure><img alt="" src="https://static.fwimg.io/img/feed/7913c4a3967279c5d9ececc87dd67c79.jpg"></figure>Let’s unpack what’s driving this by looking at some of the major economies and how they’re evolving. Comparing cross-border economic surprise indexes is a great way to examine which direction economies are trending, as they measure in real-time whether economic data is surprising to the upside/downside. For the past couple of years, most economies have been in sync. But a major divergence is unfolding, with the US surprising lower and other countries surprising higher:<figure><img alt="" src="https://static.fwimg.io/img/feed/fb4a257614effabb304022b5f700c885.jpg"></figure>Adding to that, Trump’s threats of tariffs have awoken the fiscal beast in many countries, namely across Europe. As seen in this chart from my recent interview with Vincent Deluard, in the face of Trump’s threats to stop supporting the NATO security apparatus, Germany now plans to invest $500 billion into its defence and infrastructure — a development that sent Bund yields soaring:<figure><img alt="" src="https://static.fwimg.io/img/feed/8ea039a2bde2fe84cc24bdfc595a9f60.jpg"></figure>This led to a surge in the euro/USD to 1.088 and a mirrored decline in the USD. This was a fiscal unshackling moment by the country that has been at the forefront of pursuing austerity. This reversal has sent Europe stocks soaring as capital flows out of US stocks and into European equities. In Japan, the theme of surging yields is similar. The Japanese 30-year bond yield just surged to a 20 year high:<figure><img alt="" src="https://static.fwimg.io/img/feed/81228f83f24f44e708065f175de5cda9.jpg"></figure>As yields in countries that have predominantly moved capital into US bonds and equities continue to rise, it puts pressure on the calculus that makes owning US assets worth it — turning them into net-sellers as global capital flows back home.This is why Jensen, as CIO of the world’s largest hedge fund, says it’s a dangerous time to be overexposed to US assets. The marginal buyers of the last 30 years are becoming marginal sellers as capital becomes more attractive back home, largely catalyzed by Trump’s policies.I believe this trend in global capital flows is only just beginning. Yes, a lot of big moves have already occurred across the board, but the big money cannot shift in just a few weeks. Those megaships take years to turn.<hr>Get the news in your inbox. Explore Blockworks newsletters:<ul><li><a href="https://blockworks.co/newsletter/daily" rel="nofollow">Blockworks Daily</a>: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.</li><li><a href="https://blockworks.co/newsletter/empire" rel="nofollow">Empire</a>: Start your morning with the top news and analysis to inform your day in crypto.</li><li><a href="https://blockworks.co/newsletter/forwardguidance" rel="nofollow">Forward Guidance</a>: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.</li><li><a href="https://blockworks.co/newsletter/0xresearch" rel="nofollow">0xResearch</a>: Alpha directly in your inbox. 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Unpacking ‘the great recalibration’ in global markets

브리지워터 어소시에이츠 최고투자책임자 그렉 젠슨은 "미국 자산에 과도하게 노출되어 있는 것은 위험한 시기이며, 거의 모든 사람들이 그렇다"고 주장했습니다.

GM(Good Morning) 이더리움(ETH), 솔라나(SOL), 유니스왑(UNI), 크립토닷컴 코인(CRO), 후오비 토큰(HT), 미나 프로토콜(MINA), 밸런서(BAL), 옵티미즘(OP), 컴파운드(COMP), 이더리움 네임서비스(ENS), 알위브(AR), 아스타(ASTR), 온톨로지(ONT), 밈(meme), 수이(SUI), 플레이댑(PLA), 시냅스(SYN), Ronin(RON), 온톨로지가스(ONG), 디젠(Degen), 솔라나(Solana), 트론(TRON), 다이(Dai), 딕시(DeXe), 덴트(Dent), 렌(Ren), 킨(Kin), 블록, 자본, 초당 거래 수(TPS), 탈중앙화 거래소(DEX), 유동성 공급자(LP).

세계 시장의 '대재조정' 풀이

끈기를 갖고 자신의 강점을 찾아낸다면, 분명 보상을 받을 것입니다.
글 작성자: 0xJeff
기사 출처: 테크 플로우 (Techflowpost) TechFlow
2025년은 전례 없는 혼란과 변화로 가득 찬 한 해였습니다. 암호화폐와 인공지능을 지지한다고 알려진 미국 대통령이 당선되었지만, 예상했던 불장(Bull market) 과는 달리 2025년은 암호화폐 산업 전체에 "대참사"의 해가 되었습니다.
대부분의 알트코인은 2025년에 80%~99% 폭락을 경험했습니다.
비트코인의 시총 점유비율 2019-2020년 수준(6% 이상)으로 돌아왔습니다.

2026년에 반드시 알아야 할 암호화폐 트렌드 7가지

암호화폐 기반 서비스 분야에서 로빈후드는 코인베이스의 시장 지위에 적극적으로 도전하며 토큰화 전략에서 선두를 달리고 있습니다.

작성자: 마이클 나도
출처: 투자은행 VCPE 블로그

이번 시장 사이클에서 가장 뛰어난 성과를 보인 것은 전통적인 토큰이 아니라 암호화폐 관련 주식입니다. 그중에서도 로빈후드는 가장 강력한 상승세를 보였습니다. 2년도 채 안 되는 기간 동안 주가가 17배나 상승하여, 저희가 추천하는 가장 역발상 투자 종목 중 하나입니다(2022년 HOOD 주가...).