Rockefeller International's Ruchir Sharma explains why 'sell America' narrative is a myth

• Foreign portfolio flows into US assets (stocks, corporate bonds) hit a record $1.6 trillion in 2023, despite negative rhetoric.
• Investors are attracted to long-term US outperformance, deep liquidity, and dominance in AI and tech, with countries like South Korea leading recent inflows.
• The US dollar has weakened significantly (down ~10% over the last year), and the US current account deficit is financed by 'hot money'.
• The trend of 'American exceptionalism' is ending, with other world markets now outperforming the US in relative terms.

Ruchir Sharma challenges the 'sell America' narrative, highlighting record foreign portfolio inflows into US stocks and corporate bonds in 2023, driven by long-term outperformance, deep liquidity, and tech dominance. He notes that while the US dollar has weakened, foreign interest in American assets remains high, though other global markets are now showing stronger relative performance.