Have you ever wondered what makes up the "Global Stock Market"? How big of a role does the US play on the world stage? Does the US make up 50%, 70% or 90% of the world stock market? (Hint: The actual percentage is smaller than most investors think)
Remember that the world view for a long-term investor is often much larger than the country-specific view we are given from our local and national news sources. That natural home bias affects American investors, Australian investors, German investors, Japanese investors...etc. Cheer for the home team, but don't let those emotions control how your investments are allocated as you attempt to achieve a productive return in exchange for measured risk.