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Timur Turlov, founder and CEO of Freedom Holding Corp., shared his perspective on global equity markets with La Razón, a major Spanish media outlet. He addressed structural shifts in international markets and explained why looking beyond the United States may play a growing role in portfolio strategy.
As he notes, “US investors tend to focus on investing in domestic assets, which represent a disproportionately large share of their portfolios, simply because they are easier to understand, more familiar and more convenient. This phenomenon is known as home bias.” He outlines several key factors supporting non-US markets, including improving macroeconomic indicators, recovery signals in Europe, China’s reorientation of exports, steady growth in Japan, the convergence of corporate earnings growth rates across regions, and more attractive market valuations outside the US.
He concludes by emphasising the role of valuation and dividend yields in risk management and portfolio construction: “But even if markets face turbulence, whether geopolitical or economic, stocks traded outside the United States are significantly cheaper than US stocks, with higher dividend yields. This provides a small safety cushion for investors in these assets, making it virtually impossible to find a better alternative with a similar risk profile for diversification.” 🌐
🔗 Read more on La Razón