Market Sentiment & Opportunities - BlackRock observes "pockets of irrational exuberance" due to non-fundamental investors, creating opportunities for skilled stock pickers [1] - The market is characterized by fewer fundamental investors and more high-frequency/retail traders, potentially fueling these pockets [3] - Mispricings are viewed positively for stock pickers, indicating a favorable environment for identifying undervalued assets [5] Areas of Exuberance & Underperformance - Price-following strategies, unprofitable companies, and meme stocks are performing well, indicating areas of potential overvaluation [3] - Value stocks and dividend payers are underperforming, suggesting potential undervaluation in these segments [3] Market Comparison - The current market is considered to be on sounder footing compared to the late '90s [5]