Knacke’s money maps: Ebb and flow

Knacke’s money maps: Ebb and flow

There’s a reason the S&P 500 has outperformed nearly every other market in the world over the past decade or so. It’s not just AI, buybacks or the Fed’s invisible hand. Look deeper, and you’ll find the powerful and potentially unstable force at work: flow. I’ve discussed before that US exceptionalism is nothing more than enormous deficits, driven by a debt bubble and strong currency – but the prevailing narratives have fuelled investor demand li…