Stocks slumped in 2022, when faced with fast-rising interest rates, and wobbled last March, during a banking panic. Now, though, both episodes look like brief interruptions in equities’ long march higher. Despite middling economic growth and the covid-19 pandemic, stockmarkets have offered annual returns, after inflation, of more than 8% a year since 2010, including dividends . Everywhere you look, stockmarkets are breaking records. American equities, as measured by the s&p 500 index, hit their first all-time high in more than two years in January, surged above 5,000 points in February and roared well above that level on February 22nd when Nvidia, a maker of hardware essential for artificial intelligence (ai), released spectacular results. The same day, Europe’s stoxx 600 set its own record. Is this the right time to invest in stocks ?

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