As the end of 2025 looms, one trend looks sure to follow investors into the new year: a widespread reluctance to go all-in on American assets. It started back in April, when U.S. President Donald Trump's so-called "Liberation Day" drove markets into a frenzy that saw a sell off of American stocks, government bonds and the U.S. dollar. The trades became known as "Sell America" — and in some circles, "ABUSA," an acronym for the term "Anywhere But the USA." The intervening months brought the "TACO" (Trump Always Chickens Out) trade when a series of policies were announced then rolled back . "The average investor has far too much of their money sitting in the United States," ETF.com's Dave Nadig told CNBC last month . "Getting out of the U.S. somehow … is something I'm hearing more and more in

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