The stars have really aligned for global markets in recent years.
Aided by a so-called ‘Goldilocks’ environment of strong growth without inflation, portfolios containing a healthy balance of stocks and bonds are enjoying their best bull market in more than 100 years, according to Goldman Sachs.
But don’t get too excited yet — that’s resulted in valuations across equities, bonds and credit getting the most stretched since 1900, a development Goldman sees portending tough times ahead for investors.