Post by J.P. Morgan Asset Management

Name: Why does the U.S. keep outperforming the rest of the world? Most people credit big tech. Michael Cem
Uploaded: 2026-07-01T19:00:01.181Z
Channel: J.P. Morgan Asset Management
Description: Why does the U.S. keep outperforming the rest of the world? Most people credit big tech. Michael Cembalest’s latest Eye on the Market focuses on profitability across a wide range of sectors. Compare

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Why does the U.S. keep outperforming the rest of the world? Most people credit big tech. Michael Cembalest’s latest Eye on the Market focuses on profitability across a wide range of sectors. Compare the U.S. with Europe and Japan across major and minor sectors—utilities, materials, real estate and energy—and U.S. companies appear higher on both ROA and ROE. This isn’t a valuation premium—it reflects higher returns in the underlying businesses. In this clip, Michael talks through one of his favorite pages in the issue. Released for the 250th anniversary of the Declaration of Independence, the issue touches on reserve currency status, capital flows, AI-era productivity, energy independence and more. https://bit.ly/4vI5YIn

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