The ‘Fire and Ice’ Decade That Changed Everything on Wall Street

It started with animal spirits left for dead by the financial crisis. It’s set to finish with stocks near records, volatility vanquished and the credit supercycle on steroids.

This is the tale of global markets over a decade of “fire and ice.”

In the 2010s traders braved everything from the sovereign meltdown in Europe and populist rage to “Volmageddon” and the shale revolution. Political earthquakes, shaky corporate earnings and credit shocks all came for the bull market. Central banks saved the day.

Meanwhile, Donald Trump began the era as a reality TV star and will finish it ...