Rarely have so many earned so much for so long.
That sums up the performance record for the broad asset classes. By almost any measure, the past five years have been extraordinary. Rarely has everything run higher, year after year, and posted robust gains in the process.
One might think that the party would be showing signs of age after such an astonishing track record. But as our table below suggests, momentum in its upward form remains the dominant force in the markets this year–again. Indeed, red ink has been banished from the list.
Debating how long red will continue to be conspicuous in its absence from the performance tally should be topic number one for strategic-minded investors. By extension, one can reasonably question how long the mother’s milk of this bull era will last, namely, liquidity, which has been exploding globally for some time now.