Why Japanese Equities Will Outperform Global Indices
For over a decade, the default recommendation for retail investors worldwide has been simple: buy a global index fund and forget about it. The MSCI All Country World Index — or its close cousin, the S&P 500 — became the intellectual path of least resistance. And for a long time, it worked beautifully. But the conditions that powered that trade are shifting. I believe we are entering a period where Japanese equities will meaningfully outperform global indices. This is not a short-term tactical call. It is a structural argument built on five mutually reinforcing pillars. ...