What a difference three months can make! Today, the bear has run back into its cave, the Fed has turned dovish, interest rates have plummeted, and stock markets have mostly recovered.

Over the past year we’ve started to wonder whether U.S. investors are beginning to view the world through a pair of rose colored glasses. If one doesn’t look too critically and restricts their gaze to the U.S. alone, they’d certainly see a “rosy” picture.