Five years into an equity bull market and it remains deeply unfashionable to be an optimist. Interest rates are still far from ‘normal’, levels of public and private sector debt are still at historically high levels and there is the usual laundry list of other macro worries, such as the uncharted waters of an exit by the US Federal Reserve from quantitative easing (QE), growth concerns in China and the risk of an oil price shock. Read more here…