What's going on?

Investors have been trying to find gains wherever they can this year, but they�ve definitely had a few old favorites on repeat.

What does this mean?

US stocks had an impressive 2021: the S&P 500 � the country�s key index � climbed 29% on the back of a rebound in demand, injections of government support, and a meme stock-inspired influx of retail investors (tweet this). Commodities have been going from strength to strength too, with a key index up 39% as demand for energy and raw materials surged. Government bonds, not so much: investors sold them off as they became more confident in the overall recovery and, by extension, the stock market � not to mention as inflation (which makes bonds worth less) poked its head above the parapet.

Why should I care?

For markets: The winners and losers.
The stock market had a few MVPs this year: Moderna climbed 116%, Nvidia 131%, and Ford 144%. And though it feels like a long time ago now, remember this was the year in which GameStop jumped 1,800% in the space of three weeks. As for the year�s losers, Alibaba�s stock � battered by China�s common prosperity-inspired crackdowns � lost 50% of its value this year, sending its shares to a four-year low. Robinhood was down in the dumps too: the trading platform�s stock is now worth less than half the price it listed at in July, as its user growth plummeted and the risk of regulation loomed.

The bigger picture: Is it time to cut and run?
Interest rates were so low this year that savings and government bonds barely paid anything, which has made risky investments all the more appealing. That goes some way to explain why bitcoin and ether have climbed 65% and 416% this year. Trouble is, when interest rates do go up, riskier investments could be the first to be dumped by investors�