the S&P 500 beating international funds over the last 10 years so they continue loading up on the S&P 500.
You will see institutional investors rotate out of US stocks and into international markets over the next few years. Warren Buffet just bought a bunch of Japanese stocks. Then the mom and pop investors will start moving to international stocks once international markets start outpacing the S&P 500.
From 2000-2010, emerging markets was where it was at for returns, now you hardly ever hear about emerging markets because they've lagged from 2010-2020.