Is the US exceptionalism in the form of a very murderity of the US action VI of the rest of the world from the global financial crisis ends? We will not respond to this Zsadn investment of OTZK, standing for it to show the following facts: it is, IT, the international investment of the US Economy (Net International Investment NiIP) is in a record deficit of -26 trillion dollar. This means that foreign investoi owns 26 trillion dollar more of US assets, not american investoi own foreign assets. It international investment position of the US Position of the stupid variable deficiency of the payments of the economy. In the absolute grades, then, in the same time, in the same time, DR Piblin 20 % of American action, 30 % of American bonds and 30 % of American credit instruments such as corporate bonds. For some time, the Dynamics Trajectory is volatile indebtedness, according to the following fiscal indications, a very problem: Absolutely equal to American debt in 37 trillion dollar, voji debt/GDP 125 %, deficit/GDP 7 %, Ron Billion dollar A is so now about the highest of the US federlno division, the year of the year's storage/GDP 3 % and the year of the year's storage/20 %. Bit, cyclically Oitn Valuan Pomr P/E, or Shiller Cape Index S&P 500 is at the same time 36x, which responds 97. Percentile in the whole set of historical data since 1881. In other words The World Ex-us is 45 % Ni. Nae Klov Analyticky are then followed by: Foreign, investo is also above the most enormous involved in American assets, and therefore they dominate their investin portfolio. Therefore, the space for the massive birds of the foreign chapter to the US financial market in the following periods, therefore, is not limited to the now. For example, the dynamics trajectory of american indebtedness is not available in the long term in the long term maintained, it is related to the fact that it should be in maturity of American bonds in the following periods to drop. Blow, the valuation of American action at this moment do not contain any non -free reserve (Margin of Safety), when the shares of the S&P 500 NYN according to Shiller Cape in the 36n Sobes Ronch profit. Given the mentioned in Consequ at the American event with a large TRN capitalization in the RMCA on the global stock of the allocation and above the way, we are stiping the comparison index (benchmarkm). Regarding the rational civic of the American bonds, respectively. equal in their contribution to the maturity, we are a minimum of the fact that the duration, or the year of the year, the risk is over the overhead of the proposition, or we consider the maturitn prmie and over the top behind the needed. Two are the subject of the undamaged structural risks, in the form of a credit, credit and inflamical risk, which at this point is at the moment of a murky thorn underestimated. In total, I would not have fulfilled in this okamy that it is entirely over, or the capitalization of American assets on the whole global financial market will be confident in the following years. Just so much that in the above-mentioned analytical facts, there is an unquestionable fundamental funds that non-American shares in the Index MSCI All Country World ex-us will probably be in a rack relative overwhelming compared PTCH PTI and ten continues. Michal Stupavsk, Investin Stratg Conseq Investment Management AS