For the past 5 months the consensus narrative has been topush back on the equity market rally. First it was because trade risks wereunknown. Second it was because growth risks were underestimated. Third it wasbecause the (all important) Fed would not ease due to sticky (stag)flation andnow it’s because valuations are high. To date, all of these fears have allproven to be overly pessimistic. In time, they may not, but these are not"buy and hold" markets and while there are downside risks, there arealso positive tailwinds that we think will keep the rally going.
