In 2011 and 2012, it was Europe’s credit crisis. Three years later, a currency devaluation in China twice sent the S&P 500 into corrections. Last Christmas, the bull market came within points of dying as the Federal Reserve raised interest rates.
Notice a pattern? Some pundits do, one in which every three years or so something drags the bull market to the brink of extinction, before a last-minute escape. Goofy numerology aside, it’s a record of resilience that underpins a case for optimism. And right around now is when the benefits start to be felt. The S&P 500 just rose for the ninth week in the past 10
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David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
