Remove the top 7 companies in the S&P 500 (which are all extremely overvalued anyways), and you'll find a very unhealthy S&P. Take into account American dollar devaluation and even the most laggardly of these markets (Europe) outperforms the S&P500.
Interesting. I like your body builder example, but I believe it more accurately describes the top seven fluff stocks. Valuation matters and just cause the stock is growing (according to estimates) doesn’t mean it’s worth buying. There are other factors like dividend yield and actually making real physical products that people really want, instead of a circular market dominated by a few players that essentially buy and sell products to each other using debt and rounds of vc capital that is constantly hyped up by media darlings.
But that was my point - in spite of the best efforts of the other companies and the other industries, they are continually failing to raise additional (largely American) capital because everyone is just looking at the buffed 7 and maybe some MAGA-backed companies.