According to @KobeissiLetter, US stocks have attracted a record $1.6 trillion in net inflows since 2020, roughly four times the $400 billion that went into international equities, source: @KobeissiLetter. For traders, this flow dominance points to crowded US exposure, momentum support for US large caps, and vulnerability if flows rotate toward ex-US, an inference based on the flow data reported by @KobeissiLetter.