Is the bull-run in stocks out of breath?

American equities soared beyond expectations this year. Yet after a year of outsize returns, most expect a far more modest showing in 2020.

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Stocks soared beyond expectations this year, writes Akane Otani in The Wall Street Journal, and few analysts "believe the longest-ever bull market is on its last legs". American equities have been in an upswing since March 2009, risingmore than 370% over the past decade. Wall Street sets the tone for global markets, with both the S&P 500 and MSCI All-World indices hitting all-time highs this month. Yet after a year of outsize returns, most expect a "far more modest" showing next year.

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Markets editor

Alex is an investment writer who has been contributing to MoneyWeek since 2015. He has been the magazine’s markets editor since 2019. 

Alex has a passion for demystifying the often arcane world of finance for a general readership. While financial media tends to focus compulsively on the latest trend, the best opportunities can lie forgotten elsewhere. 

He is especially interested in European equities – where his fluent French helps him to cover the continent’s largest bourse – and emerging markets, where his experience living in Beijing, and conversational Chinese, prove useful. 

Hailing from Leeds, he studied Philosophy, Politics and Economics at the University of Oxford. He also holds a Master of Public Health from the University of Manchester.