The David Lin Report The Great Rotation Out Of Stocks Begins As Markets Enter ‘Fourth Turning’ | David Hay
Mar 3, 2026
David Hay, founder of Haymaker Publications and former co-CIO known for macro and hard-asset expertise. He argues U.S. market dominance is fading. He discusses shifting capital flows, attractive opportunities in Chinese and international stocks, rising appeal of gold and hard assets, and how changing fiscal and monetary dynamics could spark a major rotation out of U.S. equities.
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Be Ready To Rotate Into International Equities
- Expect institutional clients to pressure allocators to reduce US overweight; prepare to increase international exposure selectively.
- Hay cites meetings where allocators face questions about US fiscal policy and AI exhaustion.
Anticipate Government Market Backstops In A Crash
- If a severe equity crash occurs expect government intervention, possibly buying stocks as a backstop.
- Hay likens potential action to Fed corporate-bond backstop in 2020 and HKMA support in the 1990s.
Dollar Weakness Exposed Currency Drag On Foreign Investors
- Declining dollar and rising foreign equity returns have revealed currency drag for overseas investors, prompting re-evaluation of US allocations.
- Hay notes foreign investors saw lower local returns after dollar moves despite US index gains.