The Hitchhiker's Guide to the Investment Universe

This 2026 BofA primer provides a comprehensive audit of the $314 trillion global bond and equity universe, highlighting US market dominance and extreme tech concentration. It details the 'financialization' of the global economy and the record levels of global debt ($348tn) vs. GDP.

Key Takeaways

• 1.The global market value of all bonds and stocks reached $314 trillion by May 2026, tripling since the 2008 financial crisis.
• 2.Total global debt has surged to a record $348 trillion, representing over three times the global GDP.
• 3.Market concentration is at extreme levels, with the 'AI Big 10' companies making up 40% of the S&P 500 market cap.

Table of Contents

• The asset universe & K-shape economics
• The bond universe & leverage
• The equity universe & concentration
• The macro backdrop in 2026
• A short history of asset price returns
• Equity, bond, commodity and currency returns
• Flows, risks, crowds & valuations

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