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Stock markets bounced off the weak start to 2015 and rallied sharply to new highs in most major global stock markets in February (actually the market low for the year was on January 15th). Investors merrily ignored the risks of debt default by Greece, escalating tensions between Russia and the Ukraine, slowing earnings growth, weakened 2015 guidance, stock valuations near record highs and anemic global growth and bought back into stocks because they are the ‘only game in town’. The bullishness continues to come from the one and only source of comfort for all ‘risk’ investors: the zero interest rate policies of almost all of the world’s central banks. (more…)