For over a decade, US large-cap stocks have dominated nearly every other asset class, but history shows this pattern doesn’t last forever. In this session, Meb Faber (Co-Founder & CIO, Cambria Investment Management) examines the data behind today’s record market concentration, where the “Magnificent Seven” now carry more weight in global indices than entire countries like Japan, the UK, Canada, and China combined, and US household equity allocations sit near all-time highs. Drawing on over a century of market history, Meb explores why elevated valuations and concentrated positioning have historically preceded shifts toward diversification, and what that could mean for portfolios going forward. He’ll also discuss practical, tax-aware strategies for investors holding concentrated stock positions, including Cambria’s 351 ETF Exchange program.