Why one firm says the market's 'Sell America' narrative is way overblown

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• Trump's policies have fueled "Sell America" sentiment in markets recently.
• Alpine Macro argues that fears of investors fleeing US assets are overblown.
• "There's a large gap between headlines and structural incentives," the firm wrote.

This year has seen a revival of the "Sell America" narrative amid new trade war tensions and Donald Trump's aggressive posturing toward allies.

Yet, according to one research firm...