Why the US Underperformed in 2025 - and Why It Will Happen Again with Cameron Gleeson
2025 saw global markets outside the US outperform and Betashares' Cameron Gleason believes that trend is far from over. We sat down with Cam, Senior Investment Strategist at Betashares, to unpack the macro and market forces that could see Europe, Japan, and emerging markets lead the charge in 2026. You'll learn: • Why the US may lag despite strong earnings growth • Europe’s policy pivot and Japan’s inflation comeback • The emerging markets getting Cameron most excited •Currency hedging strategies and portfolio positioning for 2026 00:00 Teaser: Ex-US Wins Again 00:30 Show Introduction 01:08 Why US Underperformed 03:53 2025 Global Market Recap 05:05 Valuations And Discounts 06:38 Europe Japan Lead Returns 07:51 Emerging Markets Surprise 08:23 Australia’s Mixed Year 10:37 What Drives 2026 Outlook 12:25 Dollar Risk Explained 13:57 Europe And Japan Tailwinds 16:14 Japan Currency And Bonds 21:56 China’s Structural Challenges 26:06 Emerging Markets Beyond China 29:27 Steelman Case For US 34:51 Portfolio Takeaways ——— CPD Points: This episode has been accredited for CPD points by the Financial Advice Association of Australia (FAAA). To claim your points, complete the CPD Quiz and we'll send you your certificate (https://equitymates.com/episode/why-t...) ——— Want more Basis Points? Sign up to the Basis Points Newsletter here: https://basispoints.beehiiv.com/subsc... Follow Basis Points on LinkedIn: / basis-points-by-equity-mates Have a question? Send us a message on our website (https://equitymates.com/get-in-touch/) ——— Basis Points would not be possible without the support of our three launch partners: Orbis - Invest differently - https://www.orbis.com/au/investor/home Milford Asset Management - Invested in the outcome - https://milfordasset.com.au/ CBOE - Local market, global opportunities - https://www.cboe.com/au/equities/ Thank you to all three partners for helping us keep all of our content free and accessible. ——— Basis Points is a product of Equity Mates Media. This podcast is intended for education and entertainment purposes. Any advice is general advice only, and has not taken into account your personal financial circumstances, needs or objectives. Before acting on general advice, you should consider if it is relevant to your needs and read the relevant Product Disclosure Statement. And if you are unsure, please speak to a financial professional. Equity Mates Media operates under Australian Financial Services Licence 540697.
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