Foreign investors are buying US equities at a record pace:

Private investors outside the US purchased a record +$646.8 billion of US equities in the 12 months ending in September 2025.

Purchases have doubled since the start of the year.

This is now 66% ABOVE the+$390.0 billion high seen in 2021.

Meanwhile, foreign private-investor purchases of US Treasuries were +$492.7 billion during the same period.

Rolling 12-month non-US buying of Treasuries has remained above +$400 billion for 4 straight years.

Everyone wants US assets.
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