The exceptional rally in global stock markets continued last year. The gain of 30 per cent in the MSCI World Index continues the remarkably positive trend broadly in place since the post-financial crisis trough in March 2009. This trend is most pronounced in the US where the widely followed S&P 500 index is enjoying its longest bull-run in history: S&P 500 index: The longest bull market without a 20% drawdown More pointedly, the stunning performance of the so-called fangs (Facebook, Amazon, Apple, Netflix and Google) is arguably the key stock story of the past decade. While it’s natural that such…

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