Still making the world go round

Last year may have thrown up more youcannot-be-serious moments than any year since John Mcenroe dazzled Wimbledon with the tightness of his shorts and the bounciness of his perm, but the overriding memory for investors in global equities will be one of a remarkable swelling in their trouser department, if that is indeed where they keep their wallets.

The FTSE all-world index struck nigh on 22% in the year, its fourthbest yearly effort since the benchmark kicked off in 1993.

Not even the arrival of a buffoon in the White House could stop the charge, and growth continued apace across major markets, commodity prices recovered and earnings growth proved robust. The markets basked in a Panglossian fog of happiness, shrugging off the occasional Steinhoff in a surge of positive momentum with volatility at a record low. Valuations may now look stratospheric on a historical basis, but there seems little sign of a catalyst to spark an end to the party in the short term.

Major markets might have run on strongly, but they look as sober as a courtroom full of judges compared with antics in the cryptocurrency world, which has captured the attention of the prophets of doom and the bursters of bubbles.

Meanwhile, down in the beloved country, all attention will be on the political sphere as the focus turns to new ANC president Cyril Ramaphosa and his ability to set the ship of state back onto an even keel.

If he succeeds in bringing an end to the kleptocracy of the Zuma era, we’ll really have a year to celebrate.

Some Americans can now indulge legally in herbal products to maintain the high of the holidays