The concentration numbers are what make this structural imo and not at all cyclical. Top 10 were 45% of the S&P 500 by end of 2025, CAPE is at the 96th percentile since 1980, and AQR's latest capital market assumptions project just 3.9% real returns for US equities. I repositioned toward European equities and fixed income back in December. The Germany fiscal pivot alone is EUR 1T+ in infrastructure commitment: https://philippdubach.com/posts/how-ai-is-shaping-my-investm...