Howard Marks, co-founder and chairman of Oaktree Capital, recently stated that the U.S. remains the preferred destination for investors, although his belief in "American exceptionalism" has weakened. During a panel discussion at the 2025 Qatar Economic Forum, he remarked, "The term 'American exceptionalism' is now widely discussed. For the past 80 to 100 years, the U.S. has indeed held a dominant position in the world due to its vibrant economy, respect for free market systems, rule of law, robust capital markets, and innovative spirit, all of which persist today."

However, he also raised a question: "Is the U.S. still the best place it once was? That is a question worth considering. Can we still be trusted as we once were?" He found it hard to imagine a large, globalized fund significantly reducing its investments in the U.S. He added, "All capital must have a destination. Where else could it go that is better?"

Saoud Salem Al-Sabah, managing director of the Kuwait Investment Authority (KIA), echoed similar views during the same panel, clearly stating that KIA will not divest its U.S. assets. He remarked, "I can say very directly that reducing exposure to U.S. assets is a risk, as people continually talk about decreasing positions in the U.S., but the question is, what are the alternatives? I believe the U.S. still possesses the breadth and depth to maintain its exceptional status, while also reaffirming its commitment to the rule of law."

Nonetheless, Al-Sabah did not explicitly answer whether KIA would increase its investments in the U.S. similarly to other Middle Eastern countries. He stated, "If you're already in the game, there's no need to enter more." Allianz chief economic advisor Mohamed El-Erian also indicated that the era of American exceptionalism has not entirely ended but has "hit the pause button." He warned against irreversible damage caused by current tariff conflicts and emphasized that uncertainty must cease. Marks also discussed the essence of investing as appropriately assuming risks to generate profits, underscoring the importance of understanding risk rather than avoiding it.