This is some chart. @EricBalchunas and I were discussing this one last night - can small caps ever again get a bid? It is complicated of course but like the set up for 2026 and maybe sooner...

The small cap valuation discount to large caps has rarely been greater in last two decades. But what can unlock it? Eventual Fed cuts lowering borrowing costs + smaller companies leveraging AI and new tech for better margins, less hiring.