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Home bias
Probably, if you didn’t choose the number on purpose. The US is about 60% of global stock-market value, yet the typical US investor holds 80–100% US. That gap is “home bias” — and for the last 15 years it happened to pay off, which is what makes it easy to keep.
A US-only stock portfolio ignores 40% of the world’s public companies.
The US and the rest of the developed world don’t have their bad decades at the same time. Through the 2000s, a US-only investor went nowhere while international and emerging markets compounded. From 2010 on it reversed hard. Nobody reliably calls which way the next stretch goes — holding both means you don’t have to.
There’s also a valuation angle: after a long run, US stocks tend to be priced richer than international ones, and starting valuation is one of the few things that has any link to long-run returns.
See your own ex-US weight
Paste your holdings into Portfolio Lab and it computes your international percentage, flags home bias against the number above, and shows the factor exposure and fund overlap underneath. No account needed.
Analyze a portfolio →Market-cap weight puts roughly 40% of global stocks outside the US. Most research (Vanguard among them) lands on 20–40% of your equity in ex-US as the practical range. Below ~15% you're making a concentrated bet that US outperformance continues; a global-cap weight (~40%) is the neutral position.
Decisively, from about 2010 to 2024 — which is exactly why portfolios drift US-heavy: people add to what has been winning. But international led through the 2000s, and the gap between the two swings on roughly decade-long cycles. Weighting toward the recent winner is the classic performance-chasing mistake.
Revenue is global; the stock is not. US large-caps rise and fall with US interest rates, the US dollar, and US valuations. Owning shares listed in other markets is a genuinely different exposure.
Educational, not advice. Global market-cap shares move over time; the US has ranged from roughly 55–65% of world stock value over the past decade.