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Six months ago, the most widely followed index in the US, the S&P 500, was down 34% from its peak. Today it has not only recovered from all its losses, but also managed to hit new record highs having rallied more than 55% from its trough. Investors betting against this market have been crushed, leaving short positions at their lowest level in more than a decade. The speed and velocity of this recovery have also been exceptional. By way of comparison, during the 2008 Great Financial Crisis, it took four years to recover all the losses from the lows and almost five years to recover from the... Read More

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