Turner: Global Investors' Dollar Exposure Drives Markets

The video discusses the US equity market's rally despite negative earnings growth, driven by significant investor flows. It highlights the valuation of the US market, which is close to 19 times forward earnings, suggesting low future returns. The discussion also covers treasury markets, hedging costs, and the appeal of dollar assets. International flows have been a key driver of the market, with investors seeking stability and growth in high-growth sectors.

In what ways has the cost of hedging affected the appeal of dollar assets?

What role do international flows play in the US equity market's recent performance?