Unlimited quantative easing, negative real rates and the coming US fiscal stimulus have investors on heightened alert for any sign of bubbles starting to burst.
Signs of them inflating appear everywhere, from the rise of bitcoin and the furore over GameStop to the proliferation of special purpose acquisition companies (Spacs).
One group of investors can rest easy though. There are few signs that financial valuations in UK equities have become disconnected from economic fundamentals.
In 2020, plentiful and cheap central bank liquidity led to a quick reverse of the March equity market crash in most markets around the world.
The FTSE 100 is the big outlier.
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