Global value stocks ex-US have outperformed the Magnificent 7 over the last one, three, and five years, but this quiet shift goes unrecognized, with the common pushback being that the US deserves its premium because of superior growth fundamentals.

Buying an equity market trading above 40x CAPE (as the US closed the year) historically produced below-average—roughly zero—10-year real returns, with the batting average for above-average returns being essentially zero in the historical database.

Books that are less well-known (under 50 reviews) can be among the best, such as Triumph of the Optimists, Being Right and Making Money by Ned Davis, The Art of the Market, and Paul Erdman's The Silver Bears.

Extrapolation is the opiate of the people (and of investors): everyone extrapolates their own recent lived experience, such as 15 years of US dominance, even when conditions are shifting.