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Fund managers donât think about investing the way the rest of us do.
If they pick a stock or a market that does better than whatever benchmark theyâre tracking, professional kudos are likely to follow. It doesnât matter if itâs because what they bought fell by less than the alternative.
Savers canât pay the bills with relative returns. Even so, itâs comforting to own the investing worldâs least-dirty shirt at a time like this. Americans who stayed close to home, or foreigners with outsize allocations to big U.S. stocks, are getting off lightly so far in the Iran-related stock rout.
Thatâs the inverse of the recent trend, and it shows how cruel markets can be. A year ago, Goldman Sachs asked its professional clients what they expected to be the worldâs best-performing equity region. A record 58% chose U.S. stocks. They rose, but the U.S. was among the worldâs worst-performing major markets in dollar terms.
Between last January and the end of this February, an investor in non-U.S. developed-market stocks made two-and-a-half times as much as the S&P 500. Emerging markets earned three times as much, and those in the best-performing major market, South Korea, did more than five times as well.
The cruel part: Many investors noticed and upped their exposure to foreign markets recently, just in time for the past weekâs brutal reversal.$USDC
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