In this week’s episode of The Weekly Rebalance, Ethan Dunbar and Nicholas Cargill dig into what it means to manage risk as markets reach record highs. They break down the growing concentration in the S&P 500, why rebalancing is more about managing exposure than chasing returns, and how extended valuations could impact investors. The conversation also touches on new access to private equity, gold’s surprising strength over Bitcoin, and what shifting rates and policy mean for portfolios heading into 2025.