The bull market, it appears, has legs. Wednesday marked the fifth anniversary for the bull market, according to Standard & Poor’s. Both the S&P 500 and the MSCI World index hit their lows for the last cycle on October 9 2002. They have risen – with some bumps – ever since.

The S&P 500 has doubled in that period – its price is up 101.5 per cent, for a total return of 120.6 per cent. This is not as good as it sounds. The MSCI World has returned 165 per cent over the same period, while the MSCI Emerging Markets index has gained 441 per cent.