Yes:
There are two popular views on this topic and there are index investing authorities supporting both opinions:
John Bogle, for example, thinks that US market is a proxy to the global market because half of the income of American companies comes from abroad, and the VTI is cheaper (0.04) than VT (0.11), so he thinks investing in US is good enough diversification.
Burton Malkiel, on the other side, thinks that even if you invest in VT, you still overweight US and underweight some EM (for example …
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