Fashionable investors have a new obsession. And, incredibly, it is in Europe.

Cosmopolitan investors—those who do not shy away from investing abroad and in emerging countries—have found a new fixation. For once, it is just a short distance from Italy, and over the past two months it has outperformed the world’s leading stock markets. It has beaten the S&P 500, the most representative of the US indices, by 5 to 1—and the Stoxx Europe 600, the most representative European index, by 15 to 1.

The stock market in question is Warsaw’s. It is not only rising as few others are, but is doing so with mostly foreign capital. The figures reported by Bloomberg are particularly interesting—and we will examine them shortly in this analysis.

The Polish economic miracle?

Poland’s GDP growth has been significant, and forecasts for 2026 released by the European Commission rank it as the second-fastest-growing economy, behind only Malta. In any case, this is not the subject of the latest curious analysis published by Bloomberg. This time, attention has been drawn to the Warsaw Stock Exchange, which gained 15% in two months, compared with 2.9% for the S&P 500 and a much more modest 1% for the Stoxx 600.

The most interesting figure? According to data released by the Warsaw Stock Exchange, 73% of trading during the first half of the year was attributable to non-resident investors and therefore, for the most part, to foreign investors.

We have grown accustomed to trading at lower prices, but Poland is now considered a developed market, and therefore discounts on stocks have become less common. Sell-side analysts should perhaps stop valuing stocks based on this assumption.

We have grown accustomed to trading at lower prices, but Poland is now considered a developed market, and therefore discounts on stocks have become less common. Sell-side analysts should perhaps stop valuing stocks based on this assumption.

There are also the figures—ones that few traders pay attention to today, but that evidently interest the many foreign investors who have arrived on the Warsaw market with substantial capital. The first interesting figure is that net profits for the companies in the main index, WIG20, are expected to grow by more than 42%. As for GDP, the expectation is for the sixth year out of the past seven with growth of more than 3%.

There are also contrasting views, such as that of Tomasz Hondo, also reported by Bloomberg, who warns of the possibility that certain stocks are overvalued after a rally that has lasted more than four years.

ETFs and stocks

In addition to individual stocks, European exchanges also trade ETFs that track indices representing the Polish stock market, although unfortunately their costs are relatively high.