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What podcasters are saying about International equities
Summary
In the past 30 days, 31 speakers on 15 finance podcasts discussed International equities in 52 views. Chorus has followed International equities since September 22, 2026: 54 views from 33 speakers on 17 shows.
Who talks about it most
- Ryan Albert · 10
- Colin McQueen · 5
- Masa Takeda · 3
- Jesper Koll · 3
- Katie Stockton · 3
- Andrew McDermott · 2
- Ben Inker · 2
- Anna Macdonald · 1
- Burkhard Varnholt · 1
- Tim Melvin · 1
The latest views
Newest first. Every quote is checked against the episode's transcript.
Anna Macdonald · Hargreaves Lansdown
UK equities are a useful non-AI counterweight, running neck and neck with the S&P 500 this year.
Macdonald says the UK market has been a wonderful counterfoil to the AI trade, a non-AI trade. It is running neck and neck with the S&P 500 this year, and the FTSE has done just as well. On a total-return basis, including dividends, it may be ahead. She links this to investors continuing to buy low-cost diversified global trackers and UK shares, which she says remain popular.
“The UK market has been a wonderful counterfoil to that, the sort of non AI trade, which is running neck and neck with the S and P this year. FTSE has done just as well.”at 42:37
Merryn Talks Money: Has the UK Redefined What It Means to Be a High Earner? ·
Burkhard Varnholt · UBS
European stocks can keep their strong run, driven by earnings momentum, cheap valuations and possible reform.
Earnings momentum in Europe has been strong and he expects it to stay strong. European markets are about a third cheaper than the US even though European bond yields are significantly lower than US yields. Europe's savings rate is about 15% versus about 5% in the US, which he reads as pent-up demand for future consumption or investment. He also sees hope for political change on the capital markets union, banking union, cutting red tape and competitiveness, though he is unsure how much is talk versus action. Background: European periphery markets such as Hungary, Romania, Greece, Poland and Spain roughly tripled or rose 130-250% over the four-year bull market, and the top seven outperformed the S&P 500, which he takes as evidence of fundamental improvement in European business and economics.
“Number one, we think earnings momentum has been strong and will continue to be strong, and that's what I see sense here.”at 9:41
UBS On-Air: Viewpoints with Burkhard Varnholt - A global markets podcast (Ep. 75) ·
Tim Melvin · Community Bank Investor
UK closed-end fund discounts are huge; he'll get more interested once activists enforce deals.
Activists such as Boaz Weinstein are increasingly active in the UK closed-end fund market. Melvin says UK discounts have always been huge, and large hedge funds like Pershing Square trade on London exchanges. He is tracking the space and will get much more interested once activists show more success enforcing deals.
“We are interested in The UK market because those discounts are huge. They've always been huge.”at 32:56
The Acquirers Podcast: Tim Melvin: Finding Value Where Wall Street Isn’t Looking ·
Andrew McDermott · Mission Value Partners
Global investors overlooked Japan because of China-centric thinking; Buffett's all-in move signals the opportunity.
He blames the financial industry's 'cognitive prison' for Japan's neglect. He cites Russell Napier's argument that China's deal of fixed currency, massive debt and cheap exports suppressed prices and rates, and says financiers who prospered under that system bought into it. He notes Buffett ignored Japan for fifty years and went all in just when the industry gave up. Japan is about 6% of the MSCI World, which he treats as a sign of under-allocation.
“We're in a cognitive prison created by the Communist Party of China.”at 15:10
Top Traders Unplugged: GM109: Why Buffett Finally Went All In on Japan ft. Andrew McDermott ·
Andrew McDermott · Mission Value Partners
Japanese equity and bond returns look very attractive prospectively, with a stronger yen a tailwind.
Andrew says Japan's fixed income and equity returns both look very attractive prospectively. He notes GPIF has about 25% of its portfolio in Japanese equities and has moved to increase that exposure, invested through public markets with low fees. He says that even stability in the yen, let alone an increase in its value, would be a big tailwind for Japanese assets.
“Japan's fixed income returns and equity returns are all very attractive, prospectively.”at 54:26
Top Traders Unplugged: GM109: Why Buffett Finally Went All In on Japan ft. Andrew McDermott ·
Tim Urbanowicz · Innovator Capital Management (Goldman Sachs Asset Management)
Korean stocks are cheap after a 30% drop, giving AI-growth exposure without overweighting the US.
Urbanowicz says the AI trade is alive and well and demand is strong, but investors do not have to overweight the US to pay up for that growth. Relative value is the focus. He points to markets like Korea, which have gone on sale about 30%. He says there is good value there and that investors still get access to the AI growth story.
“We think that AI trade is alive and well. Demand is strong, but you don't need to necessarily overweight The US to to pay up for that growth.”at 14:45
CNBC Closing Bell: Markets Brace for the Fed as Earnings Roll In 10/27/26 ·
Colin Graham · Robeco
Investors should not ignore non-US markets; they outperform at points in the cycle as capital rotates out of the US.
Graham says the US is expensive but must still be held because of its growth. He argues investors should still pick and choose outside the US, since other regions significantly outperform at points in the cycle. He treats the US as a source of capital: when a theme draws money out of the US, those markets pop, as seen in Korea and gold.
“So if there's a theme somewhere else and a little bit of capital moves out of The US into those markets, they pop. You've seen it in Korea, you saw it in gold.”at 49:25
Bloomberg Surveillance: Previewing the Fed Meeting and AI IPOs ·
Lyn Alden · Lyn Alden Investment Strategy
Owning Brazil's biggest bank has been her favorite trade, outperforming the local index.
Alden says she invests in Brazil. She calls owning the country's biggest bank one of her favorite trades there and says it has outperformed the index. She presents this as part of a broader rotation from non-resource to resource-linked capital, with the bank as an adjacent way to play that trend. She gives no detailed valuation or fundamental case for the bank.
“And sometimes it's not even a commodity trade. It's like, you know, one of the best... Like, my favorite trade in Brazil has been owning their biggest bank, and it it outperforms the index.”at 1:39
Wealthion: The Treasury’s Gold Revaluation Play | Lyn Alden ·
Ella Gude · BNY Advisors
Foreign markets look attractive; diversifying away from US AI concentration and dollar concerns favors international stocks.
When BNY does its annual market expectations exercise, many foreign markets look interesting, including the UK, where stocks are attractively priced and provide attractive income. Concern about AI concentration in US markets argues for diversifying into international markets with more attractive valuations. International investors also have concerns about the dollar, which makes international stocks more interesting to own.
“But broadly speaking, international is interesting here because if you're concerned about the level of, let's say, concentration of the AI theme... perhaps you want to take some capital and put it in international markets where valuations are a lot more attractive.”at 33:35
Bloomberg Surveillance: Market Uncertainty Ahead of the Midterms ·
Kumar Panja · J.P. Morgan
Asia-Pacific hedge funds have far outperformed; geography matters as much as strategy, drawing global investor interest.
Kumar's data show a large regional gap within the same strategy. APAC equity long/short managers averaged 22% year to date, versus 4% in EMEA and 9% in the Americas. In several cases the gap between regions for the same strategy was larger than the gap between different strategies. He links rising investor interest to performance chasing and to Asia having been underweight in global portfolios, so the two factors have come together.
“in several cases, the gap between the same strategy in different regions was larger than the gap between entirely different strategies.”at 5:17
J.P. Morgan Making Sense: The evolution of hedge fund performance: From enhancer to diversifier ·
Mark Headley · Matthews
Non-US equities are cheap and underowned; US investors hold only about 4-5% abroad.
Headley argues that international markets offer opportunity from a very low valuation basis, with little PE movement and little earnings growth, and with both foreign and domestic investors underweight. US investors have fallen to roughly 4-5% of their portfolios in international holdings. He says diversification should avoid semiconductors and focus on smaller and mid-sized companies with domestic earnings.
“US investors are down to something like four or 5% in their portfolios. Now they get a lot of exposure from big US companies. No doubt about it, but you need to go find diversification that isn't based on the semiconductor industry”at 42:39
CNBC Closing Bell: Closing Bell Overtime: Markets Search for Opportunity After a Wild Week 10/23/26 ·
Masa Takeda · SPARX Asset Management
Japan's governance reforms are lifting ROE, a trend that can last for years.
Japan's governance reforms are about improving capital efficiency, not just checks and balances. They have run for about ten years, and only in the last three did the world catch up. ROE improved 5 to 10 points over the decade but is still very low versus the international average. Because Japan is a slow-moving culture, Takeda thinks the trend can be long-lasting.
“Essentially, Japan's corporate governance reforms is really about not just improving checks and balances, but it's really about improving the capital efficiency of businesses. ... return on equity has improved 5% to 10 in the last ten years, but compared to international average is still very low.”at 24:39
Masa Takeda · SPARX Asset Management
Japan's market rerated from 13x to 17x earnings, so stock picking must be more selective.
Japanese stock valuations have risen from about 13 times earnings several years ago to about 17 times now. Takeda says this means investors need to be more selective going forward. The market should be driven higher mainly by improving capital efficiency, not by multiple expansion.
“Just several years ago, was 13 times, for earnings now it's 17 times. So, we have to be a little more selective going forward, but it's really the improvement of capital efficiency that should drive the market forward.”at 25:36
Masa Takeda · SPARX Asset Management
Japan has market breadth with dozens of large companies, unlike Taiwan and Korea's few mega-caps.
In Taiwan and Korea, one or two dominant stocks skew the entire market, and each now has a market cap above $1 trillion. Japan lacks a company of that scale, but has dozens of companies with $300 billion to $400 billion market caps. That gives Japan breadth, beyond the AI and semiconductor trade that drove markets in the first half of the year.
“Taiwan and Korea, you always have one or two stocks, dominant stocks skewing the entire market... Now we don't have company of that scale in Japan, but then we have $300,000,000,000 market cap, $400,000,000,000 market cap companies by the dozens.”at 28:06
Vincent Deluard · StoneX
UK equities should turn around first; he would pair long UK against short eurozone stocks.
He expects international assets to outperform eventually, though he would not rush to trade. The UK should turn first because it has already been through a populist debt scare, its budget balance is improving and its new prime minister is less incompetent. The Bank of England retains autonomy and can react faster. UK equities are cheap: the MSCI UK share of global market cap is about 2%, below the UK's share of GDP. Foreign investors have left, and UK pensions have cut domestic equities from about 50% to about 5%. The index is weighted toward energy, healthcare and banks. He suggests a pair trade of long UK against short eurozone equities.
“One specific market I'm looking at, which is unusual for a French man is The UK. When things start to turn around, it will be in The UK first.”at 43:06
The Meb Faber Show: StoneX' Vincent Deluard: The S&P Is Hiding a Bear Market | #655 ·
Sarah Maui
Global equities offer tech exposure plus diversification while oil and AI uncertainty persist.
Sarah says her team has been recommending global equities. The idea is to keep exposure to tech stocks while adding diversification. She says this is what people should be doing until there is some resolution on oil prices and some evidence that AI spending will turn into returns.
“we've been recommending global equities as a way to keep your foot into the into the tech stocks, but also get some diversification.”at 46:12
Jordi Visser · Visser Labs
Mean-reversion bets on small caps, Europe and Asia have been painful and will keep being so.
Visser says investors who keep betting on mean reversion in small caps, Europe or Asia have been hurt, because the AI-driven earnings and multiple leadership sits in US big tech. He sees the K-shaped economy as global, which means the bet on laggard markets has not worked. He does not give a forecast for those markets.
“Everyone that keeps trying to bet on mean reversion in small caps or in Europe or in Asia or anything along those lines, it's been painful.”at 4:34
The Julia La Roche Show: #423 Jordi Visser: Why the AI Bears Are Wrong — and the One Asset He’d Bet On Right Now ·
Rob Arnott · Research Affiliates
Emerging markets value is trading dirt cheap and a better place to move from AI winners.
Arnott suggests that investors who have made a lot of money on AI should take some chips off the table and move into unnoticed parts of the market. He names emerging markets value and small cap value, both trading very cheaply, with CAPE ratios around 10.
“But if you make gobs of money on something, why not take some chips off the table and put it on the unnoticed parts of the market? Small cap value, emerging markets value, trading dirt cheap, cape ratios of 10.”at 45:09
Excess Returns: Rob Arnott on the Hidden Costs of Passive Investing and the Real Winners From AI ·
Jan van Eck · VanEck
India is near the bottom of its valuation range; still a ten-year bullish trade despite bad news.
Jan calls India his worst call, hit by the Iran conflict as an energy importer, tariffs, and AI concerns since it is an IT outsourcer without native memory chip makers. Now that most investors have given up on it, valuations are at the bottom of their range. He still sees a ten-year trade on high GDP growth, India becoming the fourth major consumer market, an equity culture with hundreds of IPOs a year, and deregulation and digitization. He suggests dollar cost averaging for adventurous investors.
“now that everyone has given up on India, it's finally getting to the bottom of its valuation range.”at 1:13:53
Thoughtful Money: The Big Squeeze: High Bond Yields Now Becoming A Problem For Stocks | Jan van Eck ·
Jesper Koll · Monex Group
Japanese equity dividend yields now double Wall Street's as Tokyo exchange governance reforms take hold.
About two and a half years ago, CEOs and boards began prioritizing shareholders. The Tokyo Stock Exchange reforms pressured companies trading below price-to-book of one, and that produced dividend and buyback changes. Japan's equity market dividend yield is now double the Wall Street level. Corporations used to hoard cash and build lazy balance sheets, and that is now changing. He argues this makes income from risky equities far more attractive relative to domestic bonds.
“if you run a company and your price to book is below one, we're gonna shame you. ... Japan's equity market dividend yield, is now double of what it is on Wall Street.”at 14:27
Top Traders Unplugged: GM108: Maybe Japan Is Finally Changing for Real ft. Jesper Koll ·
Jesper Koll · Monex Group
Japan's governance is improving through a generational CEO shift and pragmatic conglomerate restructuring.
Koll cites the average outgoing listed-company CEO age of 67 and incoming age of 52 over the past 18 months. He argues the younger generation is unburdened by the bubble-era 'we are the best' mentality and is pragmatic about cutting divisions. Only 37% of listed Japanese companies earn their primary revenue from the sector they are listed under, versus about 80% in the US, which he calls a conglomerate problem. He says managers are rejecting activist and private equity demands for dividends and buybacks in order to fund R&D.
“I'm actually gonna say as number one is the generational change... the age of the outgoing CEO of a listed company on average was 67. The age of the incoming CEO on average is 52.”at 52:36
Top Traders Unplugged: GM108: Maybe Japan Is Finally Changing for Real ft. Jesper Koll ·
Jesper Koll · Monex Group
Industrial consolidation into regional and national champions is the biggest reason to be bullish on Japan.
Koll argues that consolidation over the next two or three years will be the main driver of Japanese assets, not GDP or top-line growth. He says Japan has too many players in some sectors, such as car makers, and that the country is moving toward a more oligopolistic structure with regional and national champions. He expects capital returns to surprise on the upside as a result.
“So this industrial consolidation, right, is, you know, in my opinion, over the next two or three years, the single biggest reason to be bullish on Japanese assets. It's not GDP growth.”at 56:04
Top Traders Unplugged: GM108: Maybe Japan Is Finally Changing for Real ft. Jesper Koll ·
Max Wiethe · Monetary Matters Network
Korean equities topped in June and are perhaps in a bubble that has now deflated.
Max points to deleveraging around the situational awareness trade and the top of the Korean equity market in early June. He says it is safe to call Korea perhaps a bubble at this stage. A recent Korean IPO fell 30% on its debut despite being oversubscribed about 389 times. Foreign money that went into Korea has been flowing out since the unwind.
“the topping of the Korean equity market, I think it's safe to call it perhaps a bubble at this stage considering that Korean equity markets basically topped in the beginning of June.”at 24:31
Monetary Matters: Is The AI Trade Over? | Jack & Max on Panic in AI Credit, SpaceX Earnings, and Semis ·
Adam Farstrup · Schroders
European financials look very strong, and European cyclicals are attractive despite a mid-cycle slowdown.
Marstrand favors value and cyclical exposure outside the US, though he notes that semiconductors in value indexes concentrate returns in Korea and Taiwan. In Europe, manufacturing remains strong, so he sees only a mid-cycle slowdown rather than a downturn. He sees opportunity in European financials, which look very strong. Yields are also compensating investors in portfolios, so Schroders stays away from credit but does not short government bonds.
“And then we look at the opportunities in, like, financials in Europe. That also looks very strong.”at 33:42
Colin McQueen · T. Rowe Price
Japanese companies are releasing cash and real estate and targeting higher returns, a tailwind for value.
For years, value investors in Japan found companies with large cash balances and real estate holdings. The discounts never closed. McQueen says that is changing as companies release those assets, target higher returns on equity, and increase investor payouts. This asset-release and restructuring trend, particularly in Japan, has become a significant tailwind for international value.
“We're seeing companies kind of releasing those assets, starting to target higher returns on equity, investor payouts.”at 18:21
Excess Returns: We Asked T. Rowe Price's $17B International Manager Why Value is Winning Again — and What the S&P 500 Leaves Out ·
Colin McQueen · T. Rowe Price
International stocks are cheaper than US stocks in most industries, so the valuation gap is real.
The US-international price-to-earnings and price-to-book gap sits around the 25th percentile of its history, so international has usually been cheaper. Industry by industry, developed international is cheaper than the US in 9 of 11 industries, and in 11 of 11 once emerging markets are included. Tech is the exception, where US tech looks slightly cheaper. Adjusting for the US's higher tech weight closes about half the PE gap, though McQueen is not sure that adjustment is correct. The gap also reflects differences in interest-rate and restructuring dynamics.
“international is cheaper in nine out of 11 industries.”at 31:41
Excess Returns: We Asked T. Rowe Price's $17B International Manager Why Value is Winning Again — and What the S&P 500 Leaves Out ·
Colin McQueen · T. Rowe Price
International earnings growth has risen sharply since 2019, closing much of the gap with US earnings.
In 2010-2019, the EFA universe grew earnings about 1% a year versus 8% for the S&P 500, and international value about 0.5%. From 2019 to today, US earnings still grow about 8% a year, but international has risen to about 4.5%. That is not up to US levels, but the gap has closed materially. McQueen attributes this to the interest-rate backdrop and a better outlook for tangible-goods companies, which are heavily weighted in international indices. He thinks part of the valuation gap should have closed for this reason.
“Overall as an average, but international has kind of risen to about four and a half percent per annum.”at 33:36
Excess Returns: We Asked T. Rowe Price's $17B International Manager Why Value is Winning Again — and What the S&P 500 Leaves Out ·
Colin McQueen · T. Rowe Price
Japan's governance overhaul is re-rating companies; large caps priced in, so favour mid and small caps.
Japan's governance change is real and broad. The Tokyo Stock Exchange requires companies trading below book value to publish plans to maximise shareholder value, and societal pressure means nearly all companies now do so. Japan is also exiting 20 years of deflation, so companies are selling idle real estate and cross-shareholdings and targeting return on equity. The example is Hitachi: a conglomerate on about 8x earnings a decade ago that set its first 8% return-on-capital target, then disposed of weak businesses and reinvested in strong ones, reaching mid-teens returns and margins. The re-rating has released value, especially in low-end companies trading far below book. Because the market already prices the large caps, the fund has moved underweight Japan and sees more opportunity in mid and small caps and in other Asian markets copying the reforms.
“[Japan has had] a significant change in kinda how companies are managed and what they target.”at 41:23
Excess Returns: We Asked T. Rowe Price's $17B International Manager Why Value is Winning Again — and What the S&P 500 Leaves Out ·
Colin McQueen · T. Rowe Price
Korea's value-up reforms are working; 70% of KOSPI trades below book at 5x PE.
Korea was long unloved and cheap, partly because of conglomerate governance and an at-times capricious government towards foreign investors. The government's 'value up' programme is now legislating change: boards have fiduciary duties to shareholders for the first time, tax changes favour dividends, and many companies have raised payouts and return-on-equity targets. Reform is not complete, since inheritance tax reform is needed to unwind cross-shareholdings. Even after the run-up in Samsung and SK Hynix, 70% of the KOSPI still trades below book value. Many other companies sit at 0.6-0.7x book, earn 15-16% return on equity and trade on about 5x earnings. Korea is the fund's largest Asia ex-Japan exposure, where it buys world-beating companies at 5-6x earnings with strong balance sheets.
“70% of the KOSPI index is still trading below book value, and that's despite the run up its head.”at 46:15
Excess Returns: We Asked T. Rowe Price's $17B International Manager Why Value is Winning Again — and What the S&P 500 Leaves Out ·
Jesse Felder · The Felder Report
Speculative unwinds in Korea, Turkey and India warn that a bigger US stock market peak is coming.
Felder points to a string of global market breakdowns: the Korean market crashed and has not recovered, Turkey's market fell after fraud and manipulation came to light, and India saw a speculative unwind in options trading. He says these events are global and in the past have preceded bigger US market peaks, citing the collapse of Long-Term Capital Management and the Asian financial crisis. He thinks these developments are culminating together now, which is a warning for US stocks.
“A lot of this stuff is global and when you see these kinds of speculative unwinds, it's really a good warning as we saw it with the demise of long term capital management, the Asian financial crisis, a lot of these things kind of lead up to a bigger stock market peak in The US.”at 9:28
Thoughtful Money: Is The Market Hitting Its Breaking Point? | Jesse Felder ·
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