The recovery in global stock markets has turned into one of the strongest bull markets on record, eclipsed only by the 1990s bubble in technology, media and telecoms. That in itself need not necessarily be cause for alarm. Records, as they say, are there to be broken and bull markets don’t come with a built-in expiry date. Instead, they tend to run out of fuel, so is there enough gas in the tank to propel us to new highs?
We look at the fundamental, economic and behavioural drivers of bull markets and the possible implications for global equity investors.