The U.S. equity market is in a relative bear market despite absolute price gains—it has underperformed every major developed and emerging market index by a wide margin (14% YTD vs. Germany, other major indices), yet U.S. investors remain oblivious and continue funneling capital domestically, creating a 'stealth bear market' problem.

factualpending

Speaker

Dave Nadig

Evidence Quote

the top 15 traded countries... it is the worst performing heavily traded equity market in the world since the election by far

Source

The Market That Won’t Break | Why Risk Doesn’t Matter (Yet)Excess Returns
Created: 8/11/2026, 7:27:07 AM

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