These have been good mes for those who parcipated in 2023’s equity market rally. Such rallies can become self-sustaining, parcularly if investors fear that they may be missing out. A more sober assessment would suggest that not only have market returns been highly distorted by the disnct outperformance of a few significantly-weighted names, but also that the macro environment remains highly uncertain. Beware of complacency. A recession may sll happen, parcularly since Central Banks connue to struggle to repress inflaonary pressures and stand commited in their fight to quash inflaon fully. Further ghtening unl something breaks may well be the order of the day. Nonetheless, for as long as the economy is showing resilience and corporate earnings are holding at least stable, equies can remain in vogue, valuaon consideraons notwithstanding.