The reality is non-US developed markets. Going into 2025, markets like Europe and Japan crushed the US market by returning over 35 percent. The era of automatic American exceptionalism in equities is fracturing. International markets absorb capital and generate superior returns. This overseas surge exposes a dangerous valuation blind spot. The relentless hype around AI has triggered a massive influx of cash into the US market. It violently skews how American companies are priced compared to their global peers.