Wow. No wonder all the traders on the floor of the New York Stock Exchange broke out in a USA, USA, USA” chant when Trump visited last week.

The HOTLINE has frequently reported on the rising global dominance of American stocks. The end of November marked a new milestone: US equities now represent over 65% of global market capitalization. Japan is number two at just 5.5%. China’s companies are about one-twentieth as valuable as U.S. firms.

If the Magnificent Seven tech companies were a separate stock market, they would be nearly as valuable as all the rest of the companies publicly traded around the world. How moronic that our OWN regulators want to break up these American wealth creators for the unforgivable crime of being TOO successful.

Bloomberg notes how badly foreign markets have lagged:

Over the last decade, in price terms, the MSCI Europe has lagged the S&P 500 by an average compounded rate of 7.7% per year, while the MSCI Emerging Markets has lagged by 9.6%. That’s terrible underperformance.

Can it continue? The bull case is that the political party that wants America to follow Europe on energy, tax, and regulatory policy lost this year. Badly.