Ran across this article on M* this morning. I found the chart quite interesting as it shows geographic exposure on where companies from various countries do business...domestic revenues compared to revenues from international operations. You would think that based on China's reputation as an exporter of goods to the world that it would have significant risk to international economies when in fact the Chinese economy is largely domestic focused, 92%. Other businesses from countries such as Switzerland derive almost all revenues from international operations, 91%. https://www.morningstar.com/articles/983363/how-will-the-global-downturn-impact-your-portfolio
The % of SP500/QQQ revenues that are coming from abroad are 40/50% and why I only hold US LC for years now. If I want more risk/reward I would use QQQ instead of some of the SP500. The top QQQ companies rule the world and the beauty of the big high tech is the ability to acquire the next customer cheaply and depress their competition.