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    U.S. Dominance of Global Markets at Record Levels

    George Smith
    LPL Financial
    October 22, 2025

    First, performance. Over the past few decades, and especially the 17 years since the U.S emerged from the Great Financial Crisis (GFC), U.S. stocks have outpaced international peers, driven by stronger earnings growth, better capital efficiency, and a more dynamic corporate ecosystem. The rise of mega-cap tech firms — many of which didn’t exist or were in their infancy in the late 90s — has been a major contributor.

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