from 2000-2012 we had a weak dollar in terms of other fiat currencies and foreign stocks outperformed 2000-2012. Since 2012 we have had a strong dollar in terms of other fiat currencies and US stocks have outperformed foreign stocks. I think that 2020-2030 the dollar will be weak so foreign stocks will benefit. In addition foreign stocks are trading at lower price/earnings ratios. I could definitely see foreign stocks falling more due to the virus but foreign stocks are in a better position for a recovery with many being close to their 2009 lows how much more downside could they have compared to US. US has a lot of political risk with major tax increases coming and stock buybacks being reversed to stock sellbacks (look at Wells Fargo and there will be many more selling the shares that they bought back)
Red line - Foreign Stocks