Now comes the hard part. That’s the clear message from the world’s most sophisticated investors, controlling about 15% of all tradeable assets. You have to go back to the end of the 1990s to find a three-year stretch as good as the current one for the global stock market. For 2021, the MSCI All-Country World Index was up 16.9% through late Thursday, after surging 14.3% in 2020 and 24.1% in 2019.
These results may seem like a paradox given the raging global pandemic that has led to more than 5.4 million deaths globally, massive disruptions to supply chains that have made many goods scarce, evidence of accelerating climate change that has resulted in more severe natural disasters and soaring rates of inflation that have put the cost of such staples as food and shelter out of reach for many.
