On a handful of occasions during the past 15 years, investors became excited about international equities emboldened by brief spats of outperformance against the mighty S&P 500. And in all those cases, it faded quickly as S&P ‘exceptionalism’ reclaimed its spot on the top of the performance tables. This wasn’t always the case as there have also been extended periods when EAFE or international equities outperformed the U.S. Now with EAFE up about 13% so far in 2025 and the S&P 500 down around -2%, once again folks are talking international. Will this be yet another false signal or is this cyclical dance finally changing tunes?  Click here to access the report