Is the US Market Finally Peaking? Ruchir Sharma’s Take

About this episode

Ruchir Sharma discusses the potential peaking of the US market and the shift towards international equities.

Ruchir Sharma, Chair of Rockefeller International and Founder and CIO of Breakout Capital, joins The Master Investor Podcast for a sweeping tour of today’s markets, the fading of “American exceptionalism” and what he thinks investors are getting wrong about risk. After 25 years at Morgan Stanley, where he ran emerging markets and served as Chief Global Strategist, Sharma now splits his time between managing money and writing bestselling books including Breakout Nations, The Rise and Fall of Nations, Democracy on the Road and What Went Wrong With Capitalism.​ In this episode, Ruchir lays out his case that the long dominance of US equities is giving way to a multi‑year period of international outperformance, driven by better earnings growth, higher shareholder payouts and a turning dollar cycle – and why he sees the US share of global indices falling back toward 50% over time from the current 65% level. The bull case for US markets are “a good story that has gone too far.” Ruchir also digs into the Fed’s next move, arguing there is “no justification” for rate cuts with core inflation still closer to 3% and financial conditions loose, and why politically driven cuts would be…

People in this episode

Host: Wilfred Frost

Guest: Ruchir Sharma

Topics covered

• US market performance
• international investing
• inflation
• Federal Reserve policy
• gold and commodities

Keywords

• US equities
• international outperformance
• inflation hedges
• Federal Reserve
• gold
• shareholder payouts
• dollar cycle

Mentioned in this episode

Organizations: Rockefeller International, Breakout Capital, Morgan Stanley

Books & works: Breakout Nations, The Rise and Fall of Nations, Democracy on the Road, What Went Wrong With Capitalism

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