What are you NOT buying just now?

For a USD investor over a reasonable timeframe for buying equities (let’s say a 5+ year time horizon), the U.S. indices (e.g., SPY, QQQ), vastly outperform Europe, Australia, Japan (e.g., VGK, EWA, EWJ).

It’s not even close on a historical basis, below is the last 10 years.

What about going forward? Am I picking any of Europe, Australia or Japan equities to outperform US stocks over the next 5 years? No 3x.

We can caveat the above with perhaps the view is different in another currency besides USD and of course individual names may vary relative to country-level indices.