For the second year in a row, global equities are on course for double-digit gains, far out-pacing returns from bond markets. So far this year, only gold of the major asset classes has outshone equities, with a gain of close to 30%. Within equities, the US has become all-dominant, driven by its megacap tech stocks. The top 10 stocks in the MSCI World index are all American and represent 25% of its total market capitalisation. The biggest non-US stock is Novo Nordisk, the Danish pharmaceutical company, placed 23rd. Diversification across asset classes, regions and stocks has not paid off. A key question for investors as we move towards year end is whether US exceptionalism and its corporate dominance can persist, with 2025 shaping up to be a pivotal year politically, not only in the US but also in Europe.