Barron's Streetwise 'Sell America?' Careful There.
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Jan 23, 2026 
Lori Calvasina, Head of U.S. Equity Strategy at RBC, offers a concise market roadmap. She breaks down what "sell America" really means and whether trimming U.S. exposure makes sense. Lori explains valuation frameworks, geopolitical pricing, and a four-tier fear scale. She recommends practical tilts from growth to value and stresses focus on company-level earnings.
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Sell America Often Means Rebalance, Not Exit
- "Sell America" often means trimming U.S. overweight and reallocating incrementally abroad rather than exiting the U.S. entirely.
- Lori Calvasina frames it as shifting allocations, not zeroing U.S. exposure.
Conference Quip About Not Selling America
- Jack recalls a conference quip: his dad advised never to 'sell short America' as a crowd-pleaser.
- The line illustrates cultural reluctance to abandon U.S. equity exposure entirely.
Valuation Gaps Suggest Europe Looks Cheaper
- Long-term valuation measures show the U.S. and Canada were elevated versus 20-year averages while Europe appeared only modestly rich.
- That gap suggests geographic diversification into Europe could logically follow a growth-to-value rotation.