Looking back to last year we could simplify it by saying that the big positive was, as usual, support from the Federal Reserve and its allies, as they continued to maintain lower than market rates. You know my view: These lower rates have surprisingly little effect on the economy but a big effect on pushing up asset prices.

Historically - well for 25 years anyway - the lack of reasonable values has often not impeded the Fed's ability to push equity prices higher. Indeed, by any traditional measure we have spent over 80% of the last 25 years overpriced.