How to Believe in Continued European Equity Outperformance

Everyone's been trained to fade Europe

Every rally ends in regret, every breakout gets clubbed. And yet—here we are, staring at short-term European outperformance so sharp it has U.S. bulls blinking in disbelief. The easy narrative? “LOL, just wait 100 days and the S&P 500 crushes Europe again.” That’s the pattern. That’s the backtest. That’s the safety blanket. But what if this time... really is different? You want contrarian? Believing in Europe here post the rally might just be the most contrarian macro call of the year.