"Thank you for all your commentary and as ever clear, interesting and helpful audios.

"I have noticed that the Russell 2000, small stock index, has shown great relative strength year to date. I believe I am right in thinking that usually in a bull market, small caps initially lead and then pass on the leadership baton to large caps towards the end of the bull run. Would it therefore be correct to think that this relative strength in small caps is good news for the potential longevity of this bull run? Would much appreciate your thoughts on this. Thank you."

David Fuller's view Thanks for the generous feedback.

I am in general agreement with your summary on small caps, not least as there are more of them and their relative performance shows good breadth for the market advance. By coincidence this subject is also discussed by Mike Lenhoff below.