Is US exceptionalism truly dead?
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For decades, US assets have rewarded investors handsomely. Whether through broad exposure to the S&P 500 or targeted bets on Big Tech, portfolios anchored in America have outperformed most of the world for much of the past 40 years. The US dollar has sat at the centre of global finance, and for many private wealth portfolios, US exposure has been almost unquestioned.
But the narrative has wobbled. US equities underperformed the rest of the world last year. The US dollar index fell more than 9 per cent in 2025 and has softened further this year. Liberation Day tariffs reignited talk of deglobalisation and shifting superpower alignments.
Against this backdrop, some have gone as far as to declare US exceptionalism dead. In WealthBT, a podcast of BT Correspondents, host Genevieve Cua sits down with Andy Budden of Capital Group to examine whether that conclusion is premature and what it means for investors.
Why listen
- US exceptionalism, defined and tested Budden breaks down the two foundations of American exceptionalism and examines what is truly under threat.
- Asia’s governance revolution Japan, Korea and China are pushing reforms that are already lifting dividends, buybacks, earnings growth and valuations narrowing the gap with the US.
- AI, bubbles and the US-China dynamic Is AI heading towards a crash? Budden has valuable insights.
Volatility may be shaking long-held assumptions about the US, the dollar and Big Tech. But as Cua reminds listeners, markets have long rewarded discipline and diversification and suggests that the US remains central to global portfolios. All while acknowledging that Asia’s evolving governance story and shifting geopolitics demand fresh attention. Is US exceptionalism fading or simply evolving? Listen now.
WealthBT is a podcast of BT Correspondents. Look out for the next episode featuring correspondent Derryn Wong, and if you have any thoughts or questions, feel free to reach out to us at btpodcasts@sph.com.sg.
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Written and hosted by: Genevieve Cua (gen@sph.com.sg)
With Andy Budden, investment director, Capital Group
Edited by: Howie Lim & Claressa Monteiro
Produced by: Genevieve Cua, Howie Lim & Chai Pei Chieh
A podcast by BT Podcasts, The Business Times, SPH Media
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Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party’s products and services. Please consult professional advisors for independent advice.
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