I sometimes read the comments here and wonder if many MFOers actually examine the portfolios of their funds. To me not doing so is liking eating something without reading the ingredients, (which a lot of people do as well by the way, to their detriment.) Yet I see a certain amount of performance chasing here that concerns me. It works until it doesn't, and the danger is not only overvaluation but also overlap. If you buy a tech stock laden emerging markets fund and a tech laden U.S. stock fund and a tech laden small cap fund, all of which have done well because of the pandemic, you may have very little diversification when the tech sector doesn't do well. It almost defeats the purpose of buying an emerging markets fund in some respects. Also, what happens when the momentum for a hot fund stops? There is a potential for a lot of people to get burned here.