Name: A CEO's Case for Diversifying Out of U.S. Equities
Uploaded: 2026-04-10T13:45:00Z
Duration: 2 min 48 s
Description: David Druley, CEO of Cambridge Associates, discusses his 2026 outlook and why he is looking to Latin America.

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David Druley, CEO of Cambridge Associates, discusses his 2026 outlook and why he is looking to Latin America.

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A CEO's Case for Diversifying Out of U.S. Equities

All right, well that's a good jumping off point to ask you about your outlook for the balance of 2026 and maybe even to 2027 for the business.

For investing. Yeah. So when we think about the investment landscape, we think there's a couple key things that have to happen. One, diversification. It sounds easy, it's tough. I'm gonna explain what I mean by that. The second is avoiding overcrowded trades. When I say diversification is tough right now, people that are tracking global equity markets or positioning themselves like that have invested in things that are pretty concentrated. So US equities are about 65% of the global equity index. That's literally at an all time high. It was close to 70 before last year. The US equity market, the top 10 stocks are about 40% of the US market. Again, you have to go back to the 90s to get anything into the 20s. So this is highly unprecedented. You take those two components, those 10 stocks literally make up about 25% of the global equity market. That is concentrated. People need to think about how to diversify. The things we've seen in Venezuela or the Middle East, things break. Diversification is crucial, absolutely crucial here. The crowded trades are overvaluation. That's really large cap equities and specifically large cap US.

A lot of people returning to Europe, which was great, but maybe not so great anymore. Is there still hope for Europe? Is Europe a place for outperformance?

We think, yes. Europe can have outperformance. Specifically, we like places like Latin America. We like small cap managers over large cap managers across the globe. Large caps are expensive. We do think there's interesting things to do, but it's not in the trades that are crowded. The large cap stocks across the globe.

But people have been waiting for EM to catch up forever. That's always been a tough one, isn't it?

Andy, we could have sat here 15 months ago and you would've pushed me on that as well. We would've told you the same thing. Everyone was telling me 15 months ago, "You're saying that we should diversify out of the dollar or the US 'cause it's expensive. That's the place to be in. It's exceptional trade." Actually, in those 15 months, the US has been one of the poorest performing major global equity markets. Emerging markets have done great. China's done great. Europe and Japan have done great. And the dollar's sold off. Granted, it's rallied a little bit with the current Middle Eastern situation, but we still think the dollar is in a bear market. We think it is in a secular bear market.

Hmm, that's strong. Well, mag seven has become the lag seven, as we know.

The mag seven, there's a crowded trade where everyone told you you had to be in that trade six months ago. Six months it's down.