The R2000 is experiencing one of its strongest starts in decades, with over 60% of trading days finishing positive YTD — the highest rate since 1997 — and QTD is tracking among the top twenty-five of quarterly returns in index history. Yet, the rally has become increasingly concentrated, with a small group of AI, quantum, crypto, and rocketry-related stocks accounting for the overwhelming majority of MTD gains. While we believe in the massive dislocation and economic gain these areas represent, it’s clear we are somewhere near euphoria. Calling parabolic tops is the same as catching falling knives – there is no way to know when the momentum will stop in this “buy what moves” market.