The surprising run of the stock market has been a matter of some debate in recent months. Since the Covid-induced crash of March 2020, equity indices have more than made up their lost ground and are currently trading at unprecedented levels. Whilst it is true that an economic recovery is taking place it is by no means comprehensive or guaranteed. Several risks can still play out and it would seem that the markets have run ahead of reality. The attached paper explains why this may be so and, consequently, what could cause this to reverse.