Macquarie Capital: Trump 2.0 Accelerates the End of American Exceptionalism
Nashnova编辑部
Macquarie global strategist Viktor Shvets says Trump 2.0 is significantly accelerating the end of American exceptionalism, urging investors to stop penalising non-US markets and pursue both geographic and thematic diversification.
"End of American exceptionalism" — what does that actually mean?
"American exceptionalism" in markets means one thing: US equities outperformed the rest of the world for over a decade — buy America, ignore everywhere else.
Shvets argues Trump 2.0 policies are significantly accelerating the breakdown of that regime.
This means → the old default of "just own US stocks" is, in his view, ceasing to work.
Why is Trump 2.0 the accelerant?
Shvets frames Trump 2.0 as a catalyst that disrupts the old order, not one that extends US dominance.
In plain terms = policy uncertainty itself is eroding the assumption that US assets are the safest default.
This reflects a deeper call: US policy direction is shifting from a global-capital gravity centre to a source of volatility.
What should investors do with this?
Shvets's recommendation is explicit: stop applying a penalty discount to non-US markets.
He outlines two dimensions — geographic diversification (don't concentrate in the US) plus thematic diversification (don't crowd into a single narrative).
This means → it is not a simple "sell US, buy Europe" trade — it asks investors to reallocate across both region and theme simultaneously.
市场有风险，内容仅供研究参考，不构成投资建议。