5 weeks, 48 teams, 104 games, a record-breaking 308 goals, 1 winner. Congratulations, Spain!
The final was anti-climactic and, dare I say, boring, but the team that deserved to win did so. Still, it was an amazing five weeks of entertainment, and now it feels like a hangover. I yearn for more, so I’m trying to deal with it by reflecting a bit.
One: The US is a microcosm of the world, and America knows how to do sports.
It was a match made in heaven. Immigrants and fans from all over the world, whether from Korea or Curacao, live in different corners of America and came out to support their teams. I’ve watched Ohio State at The Shoe, and India play Pakistan in cricket, but Dutch and Argentinian fans take the crowd experience to another level. I was fortunate enough to watch games in Houston, Dallas, and Kansas City – the atmosphere was electric every time. And air-conditioned stadiums, especially on a hot, muggy southern afternoon – who does that? As it turns out, America.
Caption: I still can’t get over air-conditioned stadiums and look at the
Two: The World Cup overcame pre-tournament complaints.
Before the action started, there were plenty of worries: potentially empty stadiums in a country that supposedly doesn’t care about “soccer”, difficult travel logistics, expensive tickets, hydration breaks, and more. The tickets could’ve been cheaper and more accessible, and I’d be happy to see the end of the hydration (commercial) breaks. But that’s on FIFA.
The stadiums were packed, with a record 6.8 million fans attending games, nearly double the previous record set at the 1994 World Cup in the US. The final averaged 66.4 million viewers across Fox and Telemundo, the largest US sports audience outside the Super Bowl since the 1994 Olympics—even bigger than the NFC and AFC championship games. Dare I say, Americans are hooked. On match days, median trading volumes declined 17% from their prior 30-day average, with the quarterfinals recording the largest decline, at 26% (via BlackRock).
Amongst those hooked on soccer is my son, who is a huge US Soccer fan, despite the USMNT’s disappointing Round of 16 exit. But that’s sports. You focus on the positives, like the feeling when Malik Tillman’s stunning free kick dipped into the goal in the 82nd minute of the US round-of-32 match against Bosnia-Herzegovina, sealing the win.
We didn’t attend a match in New York, but spending a few days there during the tournament was still amazing. It felt as though the whole world had arrived to celebrate, whether it was the Norwegians doing their row, or Times Square transforming into a sea of blue with Argentina fans. My kids experienced that energy and saw the Statue of Liberty for the first time. One of my favorite photos of the summer came from that visit.
And speaking of “soccer,” it isn’t an American word. It originated in England as a shortened form of “Association Football.”
Three: An expanded World Cup worked out.
I was skeptical about expanding the tournament to 48 teams, but it worked surprisingly well. The lower-ranked teams repeatedly gave the favorites a run for their money. The best example was Cape Verde, a country I learned consists of several islands in the Atlantic Ocean off the coast of West Africa, with a population of roughly half a million. Yet they pushed top-ranked Argentina to the brink in my favorite match of the tournament. Sidney Lopes Cabral’s extra-time equalizer, which made it 2-2, was my goal of the tournament. Their goalkeeper, Vozinha, was a rock star in front of the net. Count me among the 29.5 million new Instagram followers he gained. Cape Verde was the story of the World Cup if you ask me.
Speaking of high-flyers being laid low, that happened in markets as well while the World Cup was on. The S&P 500 gained 2.7% over the course of the tournament (June 10th – July 17th), but we saw some big rotation underneath, with the AI trade taking a backseat. The S&P 500 ex-technology index rose 3.6% over these five weeks, with the previously under-performing financials sector surging ahead (+8.1%). But maybe we revert to prior form now that the World Cup is over? We’ll see.
Four: Experiencing the World Cup with my kids.
Attending a World Cup match has been a childhood dream of mine, especially one involving my favorite team, the Netherlands (been a fan since 1988). June/July 2026 was blocked off on my calendar as soon as the US won hosting rights eight years ago. What I didn’t realize was that attending with my kids would make it even better. My daughter and I had a blast at the Netherlands-Sweden game in Houston, watching the Oranje army in action on the field and jumping left-right in the stands (it’s a Dutch fan thing!).
Then my son and I turned the quarterfinal into a summer road trip, traveling through Omaha and on to Kansas City to see Argentina play Switzerland. Neither of us will forget watching a Messi-led Argentina win in front of more than 65,000 supporters belting out an endless stream of songs and chants. My son also found some “Messi bucks.”
Five: It’s about the best team and not the best players.
Spain embodied this throughout the tournament, especially against France in the semifinal. France had an extraordinary collection of players who were a joy to watch, but they were schooled by the Spaniards. I normally prefer sitting as close to the field as possible, but my seat in Dallas was much higher up. It turned out to be the perfect vantage point for watching a Spanish masterclass in movement, space creation, and depriving the opponent of the ball.
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You can’t score if you don’t have the ball.
It was a live-action reminder to see the big picture and think about where the ball—or puck—is going, rather than where it is now.
Six: To win, you have to be proactive (and go on the offensive).
Defense is important, but winning ultimately requires goals. Sitting back and absorbing pressure will not win many games, as several teams discovered the hard way, including the Netherlands (against Morocco), Morocco (against France), and Argentina (against Spain in the final). At some point, you have to take the initiative.
Seven: Leaders lead, and this World Cup they all showed up.
You want the best players to perform on the biggest stage, and goodness, what a show they put on. Mbappé, Erling Haaland, Jude Bellingham, Harry Kane, and, of course, Messi all delivered. The tournament averaged 2.96 goals per game, the highest figure since the 1970 World Cup. Those 5 players scored 38 goals and assisted on another 10. Yeah, it was a blast watching the best players perform on the top stage, and I must say, even the 3rd place match was a ton of fun.
Eight: Lionel Messi, the true GOAT. Thank you for the memories.
It was heartbreaking to see his tears after the final. But despite Argentina’s loss, he was the little engine that dragged them all the way there. Messi’s style over the past few years is a reminder that less running does not mean less impact. Soccer, and life, is about moments. Messi creates those moments: a clever pass through a gap, a stunning cross that finds his teammate amongst seven defenders, or a left-footed goal from the edge of the box – all this at the age of 39. It has been magical watching him over the past 20-plus years, and it was a privilege to see him lead Argentina in Kansas City.
A side story: the Argentina jersey I’m wearing is a Messi No. 18 rather than the ubiquitous No. 10. That was his number during the 2008 World Cup qualifiers, and I bought the jersey that year while backpacking through Argentina.
This feels like the end of an era, not merely the end of a World Cup.
We now wait four years for the next tournament in Spain, Morocco, and Portugal—and apparently Argentina, Uruguay, and Paraguay—as the competition celebrates its centenary. The first World Cup was held in Uruguay in 1930.
In the meantime, the Women’s World Cup is in Brazil next year.
Go USA!
For more content by Sonu Varghese, Chief Macro Strategist, click here.
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