Hopefully, 2015 will not be the year of The Great Payback

FROM 2007 until 2013, equity markets were said to have been buoyed by a "Great Flotation", pushed higher by the tidal wave of liquidity unleased by the US Federal Reserve under various guises that started with TARP (Troubled Asset Relief Programme) and ended with QE3 (quantitative easing).

This did in fact occur, led by Wall Street which this year alone has hit at least 50 all-time highs.

Experts then predicted a "Great Rotation" occurring as recovering/reinflated economies gained growth traction, provid…