06/04/2026
Post-2010, the S&P 500 was the only game in town. Technology earnings, mega-cap growth and a strong dollar made international developed markets easy to dismiss. That calculus has been changing.
In the latest episode of The Wealth Enterprise Briefing, Michael Zeuner and Sam Sudame examine whether the structural shifts now underway in Europe and Japan are enough to make international developed markets worth a serious look in a long-term portfolio.
A few of the threads they pull on:
➤ Europe is entering a multi-decade spending cycle in infrastructure and defense that is expected to support earnings growth well into the next decade.
➤ Japan has been building a corporate reform story that has attracted record foreign investment, while also being positioned to benefit from the same AI and reindustrialization themes driving U.S. markets.
➤ The active management opportunity abroad is larger than most U.S.-focused investors tend to assume. Roughly 70% of the world's top 50 returning stocks over the past 16 years were outside the U.S., a figure that tends to surprise people when they hear it.
Michael and Sam keep returning to the idea that this is not a case for moving away from the U.S. It's a case for staying positioned across multiple return stories at the same time.
Listen to their conversation here: https://www.wefamilyoffices.com/what-is-driving-the-renewed-case-for-investing-outside-the-u-s/
Important Information:
The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.
