The Globe and Mail reports in its Friday edition that a purely passive index investor tracking the global market is heavily exposed to the U.S. right now. The Globe's Tim Shufelt writes that this is because American stocks make up 72 per cent of the total market capitalization of the MSCI World Index. As well, the U.S. market itself is also highly concentrated, with the Magnificent Seven stocks comprising more than one-third the value of the S&P 500 index. A bet on global stocks, therefore, is largely a bet on Big Tech, which is sporting some historically high valuations. iA Investment Management chief strategist Sebastien McMahon says: "A smart move to make right now is to underweight U.S. stocks. That doesn't mean going to zero. But instead of having 70 per cent U.S., maybe you can go down to 60 per cent." Very strong companies can sometimes make for risky stocks. Nvidia saw its stock decline by as much as 37 per cent earlier this year. Tesla's shares dropped by as much as 54 per cent. New Haven Asset's Rebecca Teltscher says a stable dividend-paying Canadian blue-chip trading at 18 times earnings does not have the same downside. "Can that stock decrease by 70 per cent? Not without going bankrupt."