We are in deficit, we are borrowing money from foreigners and we are spending it. One thing we need to be mindful of is that there is still a lot of money on the sidelines. If you look at the money market funds, we are talking about trillions of US dollars basically sitting on the sidelines. This is one reason why whenever you see a 10% to 15% pullback in the US market, investors, especially retail investors, are seeing it as a good stock on discount and they are flooding their money into it, capitalising on that opportunity. And if you look at the rest of the equity market, valuations are not that heightened.

Source: The Edge Markets December 29, 2025 06:05 UTC