Veteran Wall Street Investor Urges Clients to Move Away from U.S. Assets

Andy Constan, a 40-year veteran of Wall Street and founder of the investment firm Damped Spring Advisors, has recently made a striking recommendation to his clients: sell U.S. investments and diversify globally. This shift marks a powerful change from his previous stance of favoring American stocks and bonds for much of his professional career.

Long History on Wall Street

Constan began his career in finance in the mid-1980s and has worked at some of the industry’s most prominent firms, including Solomon Brothers and Bridgewater Associates. For decades, he believed that U.S. markets offered the best balance of risk and reward, especially when compared to foreign markets.

Why He Is Recommending a “Sell Everything American” Approach

In a February 2026 interview, Constan explained that people should consider diversifying beyond U.S. stocks and bonds because other global markets now offer competitive opportunities. In recent years, countries like Japan and Germany have seen rising bond yields that can produce significant returns even if a recession occurs. These bond yields were historically low or negative in the past, which made U.S. bonds more attractive for a long period.

According to Constan, the shift is not personal or “anti-American,” but a result of real changes in global investment dynamics. Countries like the U.K., Canada, Australia, and those in continental Europe now offer balanced opportunities in both stocks and bonds. Because of this trend, the U.S. dollar has weakened, as investors send capital to international markets.

Government Policy Plays a Role

Constan also criticized current U.S. economic policy, saying it lacks a clear long-term direction. He pointed out that policies under the federal government—especially recent deficit spending and market-supporting measures—have made it harder for him to justify keeping his clients heavily invested in U.S. securities. He contrasted this with more stable policy frameworks abroad that are now attracting capital.

Out of the U.S. and Into the World

Beginning in early 2025, Constan began reducing his portfolio exposure to U.S. securities. By early 2026, he had fully moved his long-only investment portfolio—typical of retirement and long-term investments—entirely out of the U.S. and into diversified international assets.

He emphasized that average investors should focus on diversified, low-cost funds that spread investments across global stocks, bonds, commodities like gold, and other asset classes, rather than trying to time the U.S. market. This strategy helps reduce risk and prevent heavy losses if U.S. markets weaken.

Thoughts on Risk, AI, and Market Structure

Constan also addressed broader market pressures, including the rise of artificial intelligence and increased financial leverage. He warned that while AI may drive growth in some sectors, it also contributes to volatility and uncertainty within the financial system. This volatility can create extreme moves in individual stocks, even if major indices like the S&P 500 appear stable. His view underscores the importance of humility and risk management in modern investing.

Market Reactions and Other Data Points

At the time of his interview, futures for major U.S. stock indexes were pointing higher, and Treasury yields were rising. Precious metals such as gold and silver were also rebounding in global markets, signaling shifts in investor sentiment. Some high-profile companies saw mixed performance as earnings reports and partnerships influenced stock prices.

Constan’s views arrive amid broader debates among investors and analysts about valuation levels in U.S. equity markets, the durability of the recent bull run, and the role of international diversification in long-term portfolios.

The Bottom Line

In essence, this experienced financial strategist is urging investors to rethink traditional allocations heavily tilted toward U.S. stocks and bonds. His recommendation to “sell everything American” doesn’t mean abandoning investment in the U.S. entirely, but rather recognizing that global markets now present compelling alternatives that can improve diversification and potentially lower risk in the long term.

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