March 2021 was the anniversary of pandemic lows for global equity markets. Time magazine described 2020 as an “annus horribilis” and it is hard to disagree. Across the globe, the last twelve months have been a period of unprecedented loss of lives and livelihoods during peace time. Despite massive fiscal support and monetary accommodation, global GDP fell by around 3.5% in 2020. In contrast to the contraction of the real economy, or Main Street as it is known in America, asset markets have rocketed ahead over the last twelve months, fuelled by plentiful liquidity and expectations of a vaccine-driven economic expansion this year and beyond.