The Ratio of Emerging Markets to US Equities is now at an all-time low, breaking below the prior low from March 1999

Really no reason for the Fed to be cutting (other than the interest expense on US debt)

The US stock market is becoming even more concentrated: The top 10 stocks now reflect a record 40% of the S&P 500's market cap. This percentage now exceeds the 2000 Dot-Com bubble levels by ~14 percentage points. In 2024, these stocks have added over $7 TRILLION in market cap

Absolutely wild. No fear at all