For the eighth consecutive quarter, the US stock market moved upwards, confounding those who have been calling for an imminent correction. Despite valuation and geopolitical concerns, weather-related acts of destruction, and deep societal and political divisions here and abroad, the economic picture has brightened. A combination of business fundamentals, economic data and policy expectations has underpinned the ongoing strength of risk assets. Most importantly, the sharp uptick in corporate earnings and the prospect for even further earnings advancement has given “cover” to valuation doves. Globally, growth is accelerating as economic policies implemented over the past few years seem to be paying off. For the first time in more than a decade, all constituents of both the MSCI World Index of developed countries and the MSCI Emerging Markets Index are on a path of synchronized expansion.