Europeans are piling into US stocks: European investors now own a record $10.4 trillion in US stocks. Ownership has surged +$4.9 trillion, or +91%, over the last 3 years. Denmark, Finland, France, Germany, the Netherlands, Norway, Sweden, the UK, now hold ~$5.7 trillion in US equities, or 55% of total European holdings. By comparison, the rest of the world holds $10.9 trillion. In other words, European investors now reflect ~49% of all foreign holdings of US equities. Europe’s exposure to US stocks is at unprecedented levels despite the trade war.(The Kobeissi Letter)