Kass: Look Within
Written by: Doug Kass
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The U.S. dollar is (still) the world's reserve currency and is far more solid than the euro and many other currencies.
The U.S. is a magnet for immigrants seeking a better life. This and other factors have contributed to a better demographic profile in our country that has led to consistent population growth and formation of households. (Demographic trends in the U.S. are particularly more favorable for growth than those population trends in the Far East.)
In summary, conditions that have evolved over the last decade have conspired to favor risk assets in the U.S. over many other areas of the world. In the period ahead, look inward (not outward), as I continue to expect a powerful reallocation trade out of non-U.S. equities and into U.S. equities.
Continue to buy American. I am.