Arguably, the bull market of 2021 is the same one that started in 2009, with one big change. Retail investors, who sat on the sidelines for so many years, rushed in after the pandemic-induced flash crash last year and have since been buying every dip with mounting enthusiasm. They represent not only a new cohort of investors but a new voting bloc, increasing the risk of populist backlash should one of the dips turn into another bear market.

Remember that policymakers played a big role in starting this craze. Flush with government support cheques and fresh liquidity from central banks, new investors began pouring part of their income into markets, helping to turbocharge the bull run into a 13th year.

More than 15m Americans downloaded trading apps during the pandemic, and surveys show many of them are young, first-time buyers. Retail investors have also been hyperactive in Europe, doubling their share of daily trading volume, and in emerging markets from India to the Philippines.