Rally In Risk Assets Ex-US: US stocks and bonds took a back seat to offshore rallies this week, providing some much-needed lift to the idea that holding a globally diversified portfolio is more than an outdated academic concept. But let’s not get ahead of ourselves. It’s too soon to declare the end has arrived for the long running dominance of American risk assets on the global stage, but suddenly it’s easier to wonder if this week’s results are a preview of things to come.