This is a rally for everyone to enjoy. The raw numbers are good enough, with a rebound of more than 50 per cent in virtually all the world’s large stock markets since March, but the average stock has comfortably beaten the market.

The equal-weighted version of the S&P 500, in which each company accounts for 0.2 per cent, regardless of its size, has far outshone the version weighted according to market value. It has gained 88 per cent since the March low; the main S&P is up “only” 60.3 per cent in the same time. So the average stock has beaten the market by a huge margin.