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