Among his firm's funds, he says one that is particularly well suited to capturing the international growth of US companies is American Century Global Growth. About 45 percent of its assets are invested in domestic companies, most with strong international presences, and the rest in foreign companies. He expects current trend lines of higher international economic growth and a declining dollar to continue for several years.
"It's a five to 10-year kind of workout," he said.
That's certainly the way Geisler sees the world. Regarding the fact that 60 percent of its sales are overseas, he said: "You're only going to see that number move up. Our biggest growth markets are in non-dollar-dominated markets such as China, India, Southeast Asia and the Middle East."
It's "demonstrated history," he said, that other currencies in the world are going to strengthen against the dollar as they have in the past.
Not that long ago, he notes, it took ?360 to buy a dollar; today it's only about ?120.
"As markets become more mature and attract more capital," he said, "their currencies strengthen."
If he's right, United Technologies' offshore earnings, in dollar terms, will keep climbing at double-digit rates. And individual Americans will keep facing increasingly divergent economic outcomes as a vast majority of multinationals follow suit.
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