Bears licking wounds after US$20 trillion global market rally
Harmonised recovery in global economy means equity benchmarks worldwide are set to hit all-time highs
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SCEPTICISM in global equity markets is getting expensive.
From Japan to Brazil and the US as well as places like Greece and Ukraine, an epic year in equities is defying naysayers and rewarding anyone who staked a claim on corporate ownership. Records are falling, with about a quarter of national equity benchmarks at or within 2 per cent of an all-time high.
"You've heard people being bearish for eight years. They were wrong," said Jeffrey Saut, chief investment strategist at St Petersburg, Florida-based Raymond James Financial Inc, which oversees US$500 billion. "The proof is in the returns."
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