But instead, stock indices have proved remarkably resilient as economic growth, consumer spending and the labour market have shown relatively minor signs of slowing, and inflation remains sticky around the world. Bears remain convinced their view is right, albeit delayed, arguing that the S & P 500’s rally has been driven by a small group of mega caps (the percentage of companies outperforming the index is the lowest it’s been since 2005) and a slowing economy will eventually hit earnings. Bulls remain half-hearted in their enthusiasm for this year’s rally, given inflation remains sticky and central banks clearly have more...