An important rule of thumb for investing in U.S. stocks is to treat U.S. equities and domestic U.S. political issues separately. The real soil that U.S. stocks grow in is a large alliance: within it are the U.S. consumer market/capital market/top talent; European brand aesthetics; engineers from Japan and South Korea; resources from Canada and Australia; labor from Mexico, India, and Vietnam; and, on top of that, additional support in specialized technologies from places such as Israel and the Nordic countries. U.S. stocks = a system of multinational corporate capital + global talent siphoning, which can be understood as a Western civilization specialty. This underlying force was born in ancient Greece, evolved and iterated along the way, and until more than 100 years ago it took up residence in the physical body of the United States. In essence, it is the continuation of two thousand years of Western civilization: a rational, rule-of-law-based capital order. After so many years of evolution, this institutional specialty is like a natural product such as the Strait of Malacca or the Panama Canal; without new shipping routes being opened, it is very difficult to replace.

Global billionaires use the U.S. dollar and U.S. stocks as carriers of wealth not because the United States is an ideal utopia, but because it is still the world’s most stable institutional environment, the most innovative arena, the place with the strongest incentives for entrepreneurs, and the clearest capital return mechanisms. Capital is not responsible for solving social problems; it only chooses the systems that can accommodate them. Being cautious about short-term volatility is completely normal. But to completely dismiss a system that has continuously nurtured companies like Apple, Nvidia, Tesla, Google, and Amazon takes real courage.

With the U.S. stock index showing a long-term annualized return of 7-8%, it may seem effortless on the surface; behind it, however, long-term wealth creation is highly concentrated. An extremely small number of companies contribute the vast majority of the market’s net wealth. If the flywheel of the giants is still working—or even getting stronger—then the possibilities granted by natural law are greater, so don’t fear their scale. And companies that are currently building their flywheels are the future’s right-tail; once you’ve got them, don’t let go easily. In every technological revolution, it ultimately comes down to this question: who can experiment faster, eliminate mistakes faster, and redeploy resources faster in an uncertain environment; and who can smoothly convert efficiency gains into scale and long-term capital returns. Whoever can do that takes the biggest share.