In the stock market, it is international (not America) first
US firms that generate most of their revenue overseas outperform those that make nearly all of their sales domestically by a wide margin
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IN his first speech as president of the United States, Donald Trump declared: "From this day forward, it is going to be only America first, America first."
If you had taken his words at face value, you might have expected that big US companies that make nearly all of their money in the US would flourish in a new, America First environment. But that's not the way it has turned out, at least not in the stock market so far.
Shares of US companies that make nearly all of their sales domestically have lagged behind those that generate most of their revenue outside US borders. In fact, those globalised companies - I'll call them International First companies - have outperformed America First companies by a wide margin.
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