In the 1992 U.S. Presidential election, Bill Clinton’s campaign strategist James Carville coined the catchphrase “It’s the economy, stupid”. In a highly complex political narrative the quote was meant to emphasize that the economy dominates election outcomes and tend to dwarf most other political issues. Medium- to long-term equity market trends are, in a similar vein, also dominated by one single factor, and it is not necessarily “the economy”. Investors and Asset Managers l