There is still a way to go before this bull run reaches the top

Credit: Michael Nagle/ Bloomberg

One of the remarkable features of the now eight-year-old bull market is how grudging it has been. Share prices have risen to new all-time highs on both sides of the Atlantic, despite a persistent belief that all is not well with the world. From an investor’s point of view, this is actually helpful, because it leaves plenty of buyers sheltering in bonds or cash, but ready to move into the stock market when the mood lightens.

This is what is meant by the “Wall of Worry” that bull markets are said to climb. The time to be concerned about a bull market is when the clouds clear and everyone starts to think we are heading towards the sunlit uplands.

Fidelity’s latest annual analyst survey attempts to take the pulse of the global economy by talking to thousands of individual companies, aggregating their observations until a big picture emerges.

And what an interesting, and changed, picture it is...

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