The South Korean won has hit a seven-year high due to strong foreign equity buying and exporter deals. Political and geopolitical risks are expected to have a greater impact on developed market asset returns than in the past forty years. US assets are currently trading at high levels, with the dollar being the most expensive it has been since the early nineties and US stock valuations close to their highest levels since the late 1990s. Investors should consider diversifying their investments by taking advantage of expensive dollar assets and investing abroad, especially given the potential for inflation and deteriorating credit worthiness of the US under the second Trump administration. The recent downgrade of the US credit rating may indicate a decline in creditworthiness due to the lack of progress in reducing the budget deficit and government debt.