There is a lot of concern about the longer-term direction of the stock market. Some leading investment strategists see a higher-for-longer interest rate environment and a sluggish period for the S&P 500 over the next decade. Large-caps, which have been so dominant over the past 15 years, are generally overvalued, with the 10-year cyclically adjusted price/earnings (CAPE) ratio at over 40, the highest it's been since the dot-com boom. This has been due to a variety of factors, most notably, low interest rates and the AI boom. Interest rates appear to be on a higher-for-longer track, and while the AI boom continues, many believe its influence will spread beyond tech and beyond borders, lifting smaller caps, value stocks, and international companies.
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