Climbing a Wall of Worry

Climbing a wall of worry” is a popular phrase, (over) used by investors when equity markets go up against an economic backdrop of uncertainty. And it was certainly uttered ad nauseam during the third quarter, as global equity markets gained over 8% and have rallied 50% from March lows — despite ongoing pandemic fears, U.S. election uncertainty and high geopolitical tensions. After hearing the above phrase one time too many, we thought it fitting to use other excessively-used phrases to answer the most asked questions during the third quarter. First, what has been behind the six-month rally?