I believe the run in the small caps has been very different from past runs, driven by investors looking to generate better investment outcomes. In my eyes the big caps have just not been performing:
The big banks have been going sideways for the past 4 years
Telstra has cut its dividend and is back to where it was in 2009
The resources sector as a whole has not made any gains in over 10 years
These companies alone comprise around 50% of the All Ords, so I think the investment community is starting to seriously look outside the top-end of the market. There are a lot of different aspects fuelling the market at present that are very different from the past. Not saying there won't be a retrace I just really doubt there will be a big crash anytime soon.
