The divergence between interest rates and the dollar is historic and bodes ill for investors and company builders who historically have been able to rely on the relative stability of the US.

As a reminder, the Mary Meeker slides on AI reported that the US share of top companies in the public equity market went from ~50% in 1995 to ~85% recently.

Still, the signal from US debt might reflect only changes in a few dominant players (and we famously have adversaries investing in US debt -- Middle East, China, Russia). Also the big beautiful bill shows even Republicans want to spend now and pay later, so this might be unwinding the false expectation of austerity during the Republican trifecta. Both are transitory and neither really goes to seriousness.

The real question is whether we've lost seriousness by continuously moving upstream, into financial and information services and technologies. Our willingness to sell IP/infrastructure now rather than protect and control (milk) it over time reflects a generational lack of diligence. (Sorry - not trying to diminish exit strategies for interim investment tiers.)