I’ve heard people argue that you don’t need as much international equity exposure because so much of the revenue earned by U.S. companies comes from overseas.

(I disagree.)

But this was a new one.

Some of the hyperscalers’ earnings this year benefited from investments they made in companies like OpenAI and Anthropic.

It made me wonder...

If public companies are increasingly making venture-style investments in private companies, does that reduce the need for dedicated private equity exposure?

My instinct is no—those investments are still a tiny fraction of the balance sheets of trillion-dollar companies.

But I hadn’t heard the argument framed this way before.

Curious what others think.