Key Takeaways
Global Bull Market Shows Elevated Risk-Taking: From the early April interim lows, the S&P 500 has added $15 trillion of market cap or the equivalent of a half-year’s worth of GDP, notching 24 record highs in the process, and the +34% surge over the past five months is a feat only accomplished four other times since 1950. The MSCI All Country World index, which tracks stocks across developed and emerging economies, has also hit an all-time high. Emerging Market stocks have outstripped the global index in 2025, in a sign of stepped-up risk-taking, which has also been underscored by the stellar performance of junky small caps of late.
