Take the biggest pension fund in Europe, Norway Government Pension Fund Global with $1.5T AUM: https://www.nbim.no/en/the-fund/investments

Over 70% is invested in equities, the rest mostly in fixed income (bonds). Not a whole lot different than an average 401k invested in a target date fund. But the real zinger: over 33% of the total is invested in US equities alone, with a whopping 47% of all investments being in the US. Norway doesn't seem to share your opinion on US equities.

All investment involves some gambling. Putting 1/3 into US stocks is not a bet on health and creativity of US conpanies. It's a bet on the assumption that the biggest casino on Earth will keep attracting the rich that don't have other places to go. Fairly safe bet I'd say.

Regardless, it only reinforces that the notion that US stock market doesn't reflect true worth of US companies because it's flooded with capital from pension funds. Not only US ones but from the whole world.

> Putting 1/3 into US stocks is not a bet on health and creativity of US conpanies.

This type of delusion is why Europe has been falling behind economically for decades.

I, in my delusion have near zero influence on European economy, so if it's in fact falling behind, which it probably isn't, there must be other reason.