THE LIBRARY

It is hard to believe we are almost 18 months into a new and unexpected bull market. Equity markets have surprised on both the speed of their recovery and the valuation levels they have reached. We would be ingenuine if we were to say we expected the US S&P 500 Index to double from its March 2020 bear market low of 2200 to over 4400 in August 2021, a level that is 30% higher than the February 2020 pre-pandemic all-time highs of 3390. Post our portfolio rebalancing and equity