The expression ‘Bull markets climb the wall of worry’ seems apt right now as equity investors weigh a mounting list of negative events, a global economy devoid of growth and central banks being unable to navigate their way out of the current liquidity trap impacting their economies. This bearish backdrop is further compounded by a monomaniacal lust for safe haven investments: witness the Swiss National Bank’s recent 13-year bond issue (maturity June 2029) with a zero per cent coupon. Equity valuations are presently above long-term averages when measured in terms of PE’s, but not at extreme settings by any stretch. I would round out my comments on bull markets by suggesting that they end when no one is any longer worried about things. We are clearly not at this point then!