Scramble for alternatives to Wall Street finally underway

Global investors finally appear to be doubting the wisdom of keeping all their eggs in one basket. A decade of exceptional U.S. investment returns may therefore be cresting just as Donald Trump's "America First" program returns to Washington. Trillions of dollars of capital has flooded U.S. markets in recent years. But stretched valuation gaps and the radical upheavals of Trump's new administration have caused some of this to start reversing barely over a month into his tenure. Multiple narratives are now unfolding to explain this switch and counter the long-held fixture of U.S. investment "exceptionalism." The most obvious of these…