However, we should not just celebrate the harvest, but also watch the weather for the next season. There is an old saying in our industry: “Markets move in cycles. Some just last longer than others.”
To investors, it is always reassuring to see their investment portfolios in the green. Those who have maintained exposure to US and Chinese equities in 2025 have been well rewarded, often outperforming the sceptics and doom-mongers.
By many measures, the current equity cycle has been historic. To put the magnitude of the US bull market into perspective, during the Global Financial Crisis in March 2009, the S&P 500 bottomed at 666 on March 6, 2009 but has since surpassed the 10-times mark in September 2025, averaging annual returns of over 15.5% across the period.
