A fund manager who’s beaten 99% of his peers over the last 5 years warns stocks face ‘destruction’ as hype around AI stocks lifts valuations to dot-com-bubble levels

• The S&P 500 has surged 24% since October’s lows.
• But just about all of the index’s returns since January can be attributed to a few stocks.
• Bill Smead says that likely signals trouble for the index once the “mania” ends.

If you’ve been sitting on the sidelines of this rally, it can be tempting to jump in.