My portfolio tends to outperform the S&P a bit, but more importantly, it meets my desire for geographic and currency diversity.

To put things in perspective, liquid assets are structured this way:

Equities: 38% (I would have to spend time to analyze, but by eyeball, about 75% non-US)
Bonds (all are governmental, various entities, nearly all inflation protected) 7%
Rest is in "cash" earning about 4% (a bit less now) in USD for what I presume is a parallel reason to WB.

I think this market is either split between a group of stock which will, in the short-term be worth everything and "the rest" OR is incredibly overpriced and very fragile. It is also true that both may be the case and the market is due for a traumatic shakeout of the weak before the major financial and social upheavals which (Western) society's general adoption of AI is likely to bring. One of the risks we will be facing, I suspect, is the ability of our governmental leadership to pick the winners from amongst personal relationships (purchased at what can be rationalized by them as a fair price) to create the American version of what amounts to oligarchs. Fortunately, I can afford to wait for a better time to deploy my cash.

Jeff