Looking at 2026, Southeast Asia is shaping up to be the main catalyst. When Powell exits in May, rate cuts will likely accelerate—and that's when the real money starts hunting for returns. Emerging markets historically catch the biggest inflows during such pivot moments. Here's the thing: with liquidity still relatively tight across markets, it won't take massive capital flows to push valuations north. Price-to-earnings ratios could expand dramatically, and honestly, it'll seem like everyone saw it coming. The setup looks clean on paper. Whether execution matches expectations remains the wild card, but the structural pieces are there.