15 years ago, the U.S. stock market was still reeling from the aftermath of the subprime mortgage crisis.

In March of 2009, the market quietly hit its lowest point of the century. At that time,

stocks were the last place investors wanted to put their money. But from 2010, through the end of

last year, the market stage an incredible rally, one that few could

have predicted. Fast forward to today, and the narrative has flipped entirely. U.S. stocks, especially

large-cap tech, are dominating the conversation. Hardly anyone is talking about international

stocks, emerging markets, or even bonds.

It's all about U.S. stocks right now.

This is human nature.

When markets soar, we tend to forget how risky it can be for a single asset class to dominate our portfolio.

Hindsight doles the pain of past downturns making it easier to overlook potential risks,

especially after prolonged market success. And large-cap, U.S. stocks have indeed been exceptional.

Since the 2008 financial crisis, the S&P 500 has averaged a 14% annual return with only two losing years.

But let's not forget what came before this incredible run.

From 2000 to 2009, the SMP 500 endured the last decade, averaging a negative 1% annual return, even when accounting for dividends. Meanwhile, other asset classes outperform

during this time period. Reits and emerging markets now widely unloved by investors delivered 10%

annual returns. Small cap stocks, international equities, bonds, and even savings accounts outperform

the S&P 500 during that time period.

Markets tend to operate in cycles.

Yesterday's winners often become tomorrow's losers and vice versa.

The most unloved asset classes can quietly become the best performers, while the most popular

ones eventually disappoint.

...