The Kobeissi Letter: Non-U.S. Investors Held Record $24.32 Trillion in U.S. Stocks in July

According to The Kobeissi Letter, non-U.S. investors held $24.32 trillion in U.S. stocks in July, the third-highest level in history. Foreign holdings have increased by $2.22 trillion, or 10%, year-to-date, and have grown by $12.3 trillion since the 2022 bear market. Foreign allocation to U.S. stocks has reached a record 60% of their total U.S. financial assets, exceeding the 2000 dot-com bubble peak by approximately 6 percentage points.