Despite UK and European stock markets rising roughly 25% in local terms (30% in dollars) in 2025—the UK outperforming the S&P 500 in dollar terms—there is no wild bullishness among the public or institutions, and given negative news flow and the structural underweight to non-US markets, this is only the beginning of a long reweighting rather than a completed move.
forecastpending
Speaker
Russell NapierEvidence Quote
“I could ask people what happened to the British stock market last year. First of all, most people wouldn't know. And they certainly wouldn't know that it outperformed the S&P 500.”
Created: 6/18/2026, 1:59:14 PM
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