The Kobeissi Letter reports that private investors outside the United States purchased a record $646.8 billion of US equities in the 12-month period ending September 2025. This figure represents a doubling of purchases since the start of the year, signaling aggressive global capital accumulation in American markets. The data indicates a massive acceleration in capital flow, with current buying levels sitting approximately 66% above previous historical benchmarks (which were around $390 billion). This surge underscores robust international demand for US assets despite varying global economic conditions. [Update 1] Additional reporting confirms the record-breaking nature of these inflows, highlighting that the current pace significantly exceeds previous records by over 60%, driven by sustained buying pressure throughout the year.