The bull market that began in March 2020 is neither old or exhausted. The ASX200 is now up around 100% from this date, and at first glance while this might appear a lot, when viewed in the context of historical bull markets the rally is neither large nor is it old. In fact, we would not be surprised if it continues for the next few years with equities posting above average returns during this phase. We know we are more bullish than consensus, but we have maintained this view throughout the year and markets have rewarded us with a very strong bounce back. Fear is high, but we think the bull market will roll on.
