There is no true alternative to the US stock market for equity investors, as seen by the stagflation crisis in Europe and the property slowdown in China.
With just four months remaining in 2023, the S&P 500's gains are ahead of the Stoxx Europe 600 by nearly eight percentage points.
The S&P index is on track for the eighth year of outperformance in the previous decade as AI hype overshadows recession worries and high valuations.