“In 1989 at the height of Japan boom .. when land under imperial palace was valued more than the entire manhattan…. Japan was 18% of global GDP but 48% of global market. That was the end of Japan exceptionalism Today US is 25% of global gdp….2/3rd of global market cap, which may be fine, given the global nature of the companies and tech dominance, but ONLY one third of global profits, which might in near term, make it untenable.” https://x.com/riteshmjn/status/1895841848591335639?s=46