Part 2/15:
In a detailed explanation of the US equity market, the analyst highlighted its disproportionate size relative to the US economy. The US stock market now constitutes roughly 61% of global stock market capitalization—despite accounting for only about 23% of global GDP—a testament to intensive foreign capital inflows. These flows are driven by structural factors like trade deficits and the dollar's role as the world's primary reserve currency, which creates a persistent demand for dollar-denominated assets.