In the aftermath of the financial crisis equities were shunned. But 2013 was the year policymakers were winning the war against deflation, bonds declined in popularity and the Dow Jones Industrial Average passed 16,000.

Underpinning this growing movement out of fixed income into equities - which we first dubbed "The Great Rotation" in October 2012 - have been recoveries in real estate, in bank lending and renewed confidence in mid-caps and small businesses. Fed tapering is a vote of confidence in the US economy. It will incite further the Great Rotation.