Kevin, we're at record highs right now in the stock market.

And coming into the year, there was this story of broadening out.

But my understanding is that that has sort of dwindled and now we're getting back into this top heavy situation.

What's going on here?

Yes, you're right to point that out.

I think that if you segment the market into really just sort of two phases so far this year. You could sort of take everything up

until the war in Iran, obviously. But I would actually extend that to the low that we had on

March 30th for the S&P 500. So since then, it has been this sort of tale of two markets, as I've

been calling it, where you do have the really big companies and just a few of them at this point in the S&P that are, you know, continuing to rip higher. Of course, we've had a little bit of weakness in the past couple of days, but the rest of the market, the equalated S&P 500, if you want to use that as the proxy, has failed to keep up. So, yes, in some ways, we're sort of back to almost regularly

scheduled programming, you know, before the beginning of 26. And you sort of flipped that

whole consensus call at the beginning of the year, which was international outperforming the U.S.

You know, big tech, ceding some leadership to small caps. But what I do find interesting,

and I think it sort of goes against the narrative that it is just a few big tech stocks that are leading, there are still meaningful pockets of

outperformance in the market.

It's just harder to find and sort of harder to come by and maybe lost in the headlines.

So just as an example,

small cap tech has outperform large cap tech significantly over the past year. It doesn't get covered a lot. And, you know, that's a little bit, admittedly, that's a little bit of a cherry picking, I'll admit on my side and just picking that one year time horizon, because you could extend that out maybe a couple more years. And of course, large cap tech has done really well and outperformed. But I think that is an instance where you do want to see that,

you know, it's in performance terms. It's not just a couple of companies that are up. But I will say,

you know, moving forward, if it does sort of continue where you get this split, not just in terms of

a couple of stocks lifting the S&P,

but in terms of underlying breadth, you know, materially weakening. And if it does break down,

historically, that is consistent with more, you know, more corrective phases and corrective

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