BREAKING: Foreign holdings of US equities have risen to a record 20 trillion. This marks a +2.5 trillion rise over the last few months. Investors from overseas now own ~30% of the ~60 trillion US equity market, the most in data going back to 1945. Additionally, foreign investors’ allocation to US equities as a percentage of US financial assets hit a record 61%. This is now ~7 percentage points above the 2000 Dot-Com Bubble high. To put this into perspective, the all-time low was 20% in 1974, and the 2008 Financial Crisis low was 25%. Foreign investors are all-in on US stocks.(The Kobeissi Letter)