The S&P/ASX 200 has closed above the 6,000 mark for the first time since the global financial crisis.
After flirting with the 6,000 level in March/April 2015 and more recently in April this year, the ASX200 finally broke through the psychological 6,000 barrier yesterday.
The ASX200 closed at 6,014 yesterday, marking the first time the index has touched 6,000 since January 2008.
The carnage wrought by the 2008-09 global financial crisis (GFC) saw the ASX200 more than halve from its October 2007 high of 6,749.
Commenting on yesterday's close, Fidelity portfolio manager Kate Howitt said it has been a long, slow recovery back to 6,000.
"Investors are enjoying this buoyancy in markets as a result of the most benign global growth environment since the GFC. We are witnessing the first period of synchronised global growth in a decade," Ms Howitt said.
"However, it’s important to remember that this goldilocks scenario where markets continue to grow supported by loose monetary policy cannot last forever.
"Either growth will roll over or central banks will take the punchbowl away by normalising monetary policy. In that environment, investors will increasingly need to identify those stocks that offer structural growth even in a more challenging environment."
Magellan chairman and CIO Hamish Douglass has said he’s not afraid of missing out on a “short-term market rally” and that mutant virus...