I can think of quite a few things that have worked for a long time and are now in the process of not working.
-
Long-term US treasury bonds - for 40 years these have consistently went up over time - months ago it broke the trendline and is now heading straight for the bottom of the ocean.
-
Housing - up and up for a long long time. Would you want to be long housing right now?
-
US stocks? You’d be surprised how badly they are doing. Take a look:
This diagram includes the stoxx 600, nikkei 225, australian ASX 200.
Of the stockmarkets shown there, the Nasdaq and SP500 take last and second-last place. And the nasdaq is miles behind the rest.
The issue isn’t non-US stock performance itself - because they are winning hard this year - but rather, whether a dollar currency hedge might be a good idea if you invest in them.