Not wrong, but important to note that the top ten companies in the S&P500 have been responsible for most of the growth since 2022 (with the bottom 490 companies flat) [1]. If art is deflating, crypto is deflating, US commercial real estate is approaching 2008 GFC crisis levels [2] [3] [4], and private equity is locked up because it is unable to exit at current "valuations" [5], this leads me to believe observed growth appears to be not grounded in fundamentals. We are an an Everything Bubble (imho) [6]. These valuations are fictional, but I cannot predict how or when this ends (either slowly, or all of a sudden).

[1] https://news.ycombinator.com/item?id=44701637 (citations)

[2] https://www.reuters.com/press-releases/us-commercial-real-es...

[3] https://www.avemarialaw.edu/overview-of-the-impending/

[4] https://hbr.org/2024/07/u-s-commercial-real-estate-is-headed...

[5] https://news.ycombinator.com/item?id=44825303 (citations)

[6] https://en.wikipedia.org/wiki/Everything_bubble

Gold looks like a pretty good way to diversify from stock:

https://en.wikipedia.org/wiki/File:Gold_price_in_USD.png