The US stock market's outperformance has been historic: The ratio between emerging market performance and US equities has fallen to its lowest in ~55 years. This is ~1 standard deviation below its historic mean. Even at the 2000 Dot-Com Bubble peak, this ratio was higher. Since 2009, US stocks have consistently outperformed emerging markets in US Dollar terms. During this period, the S&P 500 has returned 562% while the Emerging Markets ETF, EEM, has gained 163%, or ~3.4 times less. US stocks are more popular than ever.