As the world adjusts to life without QE, volatility will increase. Another layer has been added to the wall of worry that equity markets must always climb. But the corollary of policy normalization is that the world economy is healing. Myriad data UK factory output, Chinese purchasing manager indices, US labour reports, passenger air traffic, even a slew of numbers from the eurozone all scream this message. Despair.com is still a very funny website. But this year I will leave it to the true perma-bears to buy their stocking fillers there.