1 April 2019
In looking at the US stock market, it is important to bear in mind that its participants are overwhelmingly US investors. According to apublished last year, despite some growth between 2009 and 2017, the share of the US stock market owned by foreigners was still only about one-seventh in 2017. But if all people heeded financial advisers’ counsel and were completely diversified, people outside the US, who held more thanas of last year, would own over two-thirds of the US stock market as well.
In 2009, some people in the US were using very strong language to express their fear. One heard that a “financial supernova” was coming. A ProQuest News & Newspapers search for “derivatives” and “financial weapons of mass destruction” shows that these two terms first appeared together in 2003 and gained intense popularity by 2009, only to fade to near nothing by 2018.
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