Does Your Portfolio Have Home Bias?

A Long Angle member pointed out in a recent post that major financial institutions (JP Morgan, BlackRock, Goldman Sachs) all project international stocks will outperform the US over the next decade.

Take South Korea's KOSPI as an early data point. The index is up over 65% in 2026, driven almost entirely by AI memory chip demand.

We polled the Long Angle community asking what share of their total equity allocation is ex-US? Nearly two-thirds of respondents hold less than 20% international.

Several members pushed back on the institutional forecasts in the discussion thread, noting these same firms missed badly on their 10-year US equity predictions a decade ago. Those staying US-heavy argue that high US valuations are justified by stronger earnings growth, better governance, and deeper markets.

Others took the opposite view, citing dollar weakness and inflation concerns as reasons to shift allocations away from the US. For many, the US/ex-US split is less a return call and more a reflection of diversification preference. 

This conversation is happening inside Long Angle right now. Join here.

Burnout can sneak up on you quickly even among high performers, especially if you do nothing but try to push through. We asked Long Angle members how they’re proactive about preventing it.

We specified beyond the basics like sleep, exercise, and diet. The top two answers: taking time off to reset, and setting boundaries between work and personal time. Both are conceptually simple but harder in practice.

In the member discussion that followed, the most consistent themes were to focus on fundamentals like sleep and time with people you care about. One member made fully unplugging for a full week every quarter non-negotiable.

Several members emphasized that learning to say no is a skill that develops with experience. Others agreed that self-awareness is key: knowing your own needs well enough to recognize burnout is building before it completely sets in.

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Long Angle Investments recently published a Private Markets Tax Guide. Here are five concepts to know:

1) K-1s: A Schedule K-1 is an annual tax form issued to each investor in a partnership. A fund passes its income, losses, and deductions to investors, who each report their share on their personal tax return. Because K-1s can arrive any time between February and September, most private market investors file for an extension to October 15th.

2) Tax treatment: Private investments aren't inherently taxed at higher rates than public ones. PE and VC exits are typically taxed as long-term capital gains. Private credit is taxed as ordinary income, the same as bonds.

3) CPA costs: Costs vary significantly and are driven by the number of K-1s, state filings, and whether your CPA has private markets experience.

4) State filings: Real estate generates the most complexity, with multiple state K-1s triggered wherever a fund holds property. PE, VC, and private credit have low likelihoods of state K-1s.

5) Reducing the burden: Evergreen funds produce simplified K-1s or 1099s. Investing through a self-directed IRA can remove K-1 income from your personal return entirely.

Read the full guide.

For educational purposes only. Not tax advice.

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Chris Bendtsen

Insights Lead, Long Angle

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