Liqudity is flowing and the most illiquid names are seeing the biggest benefit. While the coronavirus is fading and vaccines are here, markets have shifted from despondency to mania in some segments. Thankfully the large cap equities and international equities (which represent the bulk of assets) are reasonably priced (relative to rates) there is a ton of speculative froth in small/microcap and crypto currencies. Currently, anything that sounds “futuristic” to retail investors (cannabis companies, 3D printing, artificial meat, solar panels, etc) is priced like it will be the next Tesla.