1500
3500
5500
7500
9500
11500
MSCI World Total Return Index
2009
2011
2013
2015
2017
2019
2021
Global financial panic bottoms; financial system feared insolvent
US debt ceiling fight
Brexit vote
Elevated inflation
Global financial panic bottoms; financial system feared insolvent
ACA passes
US debt ceiling fight
US credit downgraded
Ebola outbreak
Brexit vote
Trade war fears
Latest CY correction
2020 'flash bear'
Elevated inflation
COVID-19 outbreak
Bull markets climb a "Wall of Worry," with widely held fears creating the bricks.