Last month the NZX 50 index hit a fresh record high, finally surpassing the previous peak from January 2021. It was a long time coming. Other markets recovered from their post-COVID hangover much more quickly, but we’ve taken almost five years. At first glance, this would all suggest that our market has regained all its lost ground, surpassed the previous market peak and pushed on to bigger and better things. However, that’s not quite so.