The US rally is increasingly being funded from abroad. Overseas investors have poured nearly $2 trillion into US assets over the past year, a record, with equities accounting for the bulk of those flows. As a result, global portfolios are now more exposed to US stocks than at any point before. For now, that demand remains a powerful tailwind. However, much of the return foreign investors earn on US assets depends on the currency. A weaker dollar would erode those gains and could quickly turn e
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