Been noticing something interesting in the markets lately - seems like a lot of money has been flowing out of the mega-cap tech names and into other asset classes. February was a perfect example of this shift. The developed markets ex-US fund (VEA) jumped 6.1% that month alone, while the S&P 500 actually dropped 0.9%. Pretty wild difference.

What caught my eye is that REITs are having a real moment. Both foreign and domestic ones climbed around 5-5.8% in February. Makes sense when you think about it - if interest rates are headed lower like the futures markets suggest, that's huge for real estate plays since they rely on debt. Gold also popped 8.7% that month, which tracks with all the geopolitical uncertainty.

The thing is, this asset class rotation might actually have legs. We're seeing solid economic growth outside the US, plus valuations over here are getting stretched compared to international stocks. Throw in the tariff concerns and trade policy shifts, and you've got global investors actively hunting for better value elsewhere. I'd keep an eye on whether this continues, especially if interest rates do start falling.

On a side note - Bitcoin's been rough. Down nearly 22% in February alone, and it's basically cut in half from that $126K peak back in October. Currently sitting around $76.45K. That's a stark contrast to how some of these other asset classes are moving right now.