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Typo. I meant 1-2 sectors than firms. Vwo is not that concentrated in 1-2 sectors. Comparing performance with US stocks is inevitable. Besides international sectors in general being flat is no excuse as there were always Intel stocks available that did well.

Perhaps it is inevitable, but let's not pretend that a comparison with the SPY wouldn't have been very different if you looked at a different period. And the same argument could have been made about US stocks during that period there were US stocks that did well.

None of that is the point. The point is once you say I'm investing x% globally than that x% should be compared to global stocks and not US stocks. If you're going to say there's no need to invest globally because the US outperformed over a certain period, than you are using hindsight bias and cherry picking data.

Also, using only the VWO is a bit faulty as it is *only* emerging market shares and the GG view is broader than that -- we look at both emerging and developed foreign markets.

The bottom line is I'm not saying you have to like the GG performance or pretending this has been a great ride. I'm just saying you have to compare apples-to-apples, not apples-to-whatever is convenient for making a negative argument.


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