How to play the "sell U.S." trade

• Last year, international ETFs (Israel, Brazil, Emerging Markets, Japan, FTSE 100) saw returns ranging from +21% to +43%, significantly outpacing the S&P 500's +16.39%.
• BlackRock's Rick Rieder and Pimco are reportedly dumping U.S. credit/assets in favor of emerging markets, with Pimco citing 'unpredictable policies' for a multi-year diversification.
• Amundi, Europe's largest asset manager, plans to cut U.S. dollar exposure, anticipating further dollar weakening.
• Wall Street's hunt for cheaper stocks has gone global, with a focus on 'old economy' sectors like energy, materials, and utilities in international markets to support new infrastructure (e.g., AI).

The discussion centers on the 'Sell U.S.' trade, highlighting how international and emerging markets significantly outperformed the S&P 500 last year. Major asset managers like BlackRock, Pimco, and Amundi are pivoting away from U.S. assets, citing 'unpredictable policies' and seeking global opportunities. The panel suggests this trend has legs, driven by market reforms outside the U.S. and a weakening dollar.