Two words. Passive flows.

Where do you think your 401K money is going...right into the S&P 500...and who gets the lion's share of allocation out of that? The Mag7 et al.

If you chart the last 25 years, Gold (yes, that one...the useless metal) has outperformed the S&P (and it's making new highs even today). What does that say about hard assets vs these companies?