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2019 has been a tremendous year for equities globally following the significant correction we saw in the last quarter of 2018; the MSCI World index is up nearly 20% since January, experiencing one of the strongest yearly gains in the past cycle after the 27-percent rise in 2009 and 22% gain in 2013. Figure 1 shows the monthly performance of the index since 2000; we can notice that a third of the performance came from January after the drastic December sell-off. Investors who have been calling for a "bear rally" earlier this year must have