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International Diversification

Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p International stocks have trailed US stocks for more than 100 years. Performance aside, the US market is well diversified across industries, makes up more than 50% of the global stock market, and lots of US companies have international revenue exposure. Additionally, international diversification has gotten less effective over time as correlations across markets have increased. These arguments for forgoing international diversification in favor of US stocks do seem compelling at the surface, but, as I will explain, they’re flimsy, at best. International diversification is crucial, both theoretically and empirically, to sensible portfolio construction. ------------------ Follow Ben Felix on Twitter:   / benjaminwfelix   Visit Rational Reminder: https://rationalreminder.ca/ Join the Rational Reminder Community: https://community.rationalreminder.ca/ Follow the Rational Reminder on: Twitter:   / rationalremind   Instagram:   / rationalreminder   Visit PWL Capital: https://www.pwlcapital.com/ Follow PWL Capital on: Twitter:   / pwlcapital   Facebook:   / pwlcapital   LinkedIn:   / pwl-capital   You can find the Rational Reminder podcast on Google Podcasts: https://www.google.com/podcasts?feed=... Apple Podcasts: https://itunes.apple.com/ca/podcast/t... Spotify Podcasts: https://open.spotify.com/show/6RHWTH9... ------------------ Sources: van Binsbergen, Jules H. and Hua, Sophia and Wachter, Jessica A., Is The United States A Lucky Survivor: A Hierarchical Bayesian Approach (March 1, 2022). Jacobs Levy Equity Management Center for Quantitative Financial Research Paper, Available at SSRN: https://ssrn.com/abstract=3689958 or http://dx.doi.org/10.2139/ssrn.3689958 Barber, B. M., & Odean, T. (2013). The Behavior of Individual Investors. Handbook of the Economics of Finance, 1533–1570. doi:10.1016/b978-0-44-459406-8.00022-6 Bailey, W., Kumar, A., & Ng, D. (2011). Behavioral biases of mutual fund investors. Journal of Financial Economics, 102(1), 1–27. doi:10.1016/j.jfineco.2011.05.002 Ritter, J.R. (2012), Is Economic Growth Good for Investors?. Journal of Applied Corporate Finance, 24: 8-18. https://doi.org/10.1111/j.1745-6622.2... Viceira, L., Wang, Z. (K. (2018). Global portfolio diversification for long-horizon investors. https://doi.org/10.3386/w24646 Asness, C. S., Israelov, R., & Liew, J. M. (2011). International Diversification Works (Eventually). Financial Analysts Journal, 67(3), 24–38. doi:10.2469/faj.v67.n3.1 Anarkulova, A., Cederburg, S., & O'Doherty, M. S. (2021). The long-horizon returns of stocks, bonds, and bills: Evidence from a broad sample of developed markets. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3964908 BEKAERT, G., HODRICK, R. J., & ZHANG, X. (2009). International Stock Return Comovements. The Journal of Finance, 64(6), 2591–2626. doi:10.1111/j.1540-6261.2009.01512.x Zixuan (Kevin) Wang and Luis Viceira. Working Paper. “Global Portfolio Diversification for Long-Horizon Investors”. Copy at https://tinyurl.com/ycvedksg Bekaert, G., Hoyem, K., Hu, W.-Y., & Ravina, E. (2017). Who is internationally diversified? Evidence from the 401(k) plans of 296 firms. Journal of Financial Economics, 124(1), 86–112. doi:10.1016/j.jfineco.2016.12.010 Sinquefield, R. A. (1996). Where are the gains from international diversification? Financial Analysts Journal, 52(1), 8–14. https://doi.org/10.2469/faj.v52.n1.1961 Lewis, K. K. (1999). Trying to Explain Home Bias in Equities and Consumption. Journal of Economic Literature, 37(2), 571–608. doi:10.1257/jel.37.2.571 Jacquillat, B., & Solnik, B. (1978). Multinationals are Poor Tools for Diversification. The Journal of Portfolio Management, 4(2), 8–12. doi:10.3905/jpm.1978.408629 Senchack, A. J., & Beedles, W. L. (1980). Is indirect international diversification desirable? The Journal of Portfolio Management, 6(2), 49–57. doi:10.3905/jpm.1980.408729 Rowland, P. F., & Tesar, L. L. (2004). Multinationals and the gains from international diversification. Review of Economic Dynamics, 7(4), 789–826. doi:10.1016/j.red.2004.05.001 Heston, S. L., & Rouwenhorst, K. G. (1994). Does industrial structure explain the benefits of international diversification? Journal of Financial Economics, 36(1), 3–27. doi:10.1016/0304-405x(94)90028-0