Gold hitting all-time highs. Stock indices trading near record levels. Real estate markets also at peak valuations. Traditional asset classes are congested at the top.

When traditional hedges and safe havens are all pricing in multiyear highs simultaneously, where exactly should capital flow? The classic diversification playbook gets tricky when everything's expensive at once. Bonds have yields, sure, but rates remain uncertain. Equities are overextended. Commodities priced in. Real assets fully valued.

This is the allocation puzzle facing investors right now—finding alpha when conventional stores of value are all crowded into all-time territory.