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The global equity market has been historically resilient:
The MSCI All Country World Index (ACWI) has now gone 159 trading days without a -5% pullback, the longest streak since 2016-2018.
This index covers 23 Developed Markets and 24 Emerging Markets, capturing ~85% of global investable equity.
This has now exceeded the 145-day run seen in 2021 and marks the 3rd-strongest stretch since 2008.
During this streak, the ACWI index has rallied +28.6% and is trading near its all-time high.
By comparison, the average annual gain over the last 37 years has been +8.8%.
Global risk appetite is exceptionally robust.
#stocks
$NVDAX $MSFTON $GOOGLX