History is doing what it always does.

When a handful of mega-cap stocks account for an outsized share of index performance, fragility builds beneath the surface.

That kind of concentration is not a feature of durable bull markets.

And dont forget:

US equities versus the rest of the world remain near extreme levels of dominance.

That imbalance hasnt even begun to fully unwind.

At every peak, investors invent sophisticated explanations for why old rules no longer apply.

It never ends well.

When positioning is one-sided, it doesnt take much to trigger rotation.

For me, the real question isnt what just peaked its where capital flows next.

Im focused on the areas that remain under-owned, capital-starved, and structurally mispriced:

Emerging markets.
Metals and mining.
Energy.
Commodities.

Regime shifts are uncomfortable and volatile in real time which is exactly why they create the biggest opportunities.