"We are worried by the higher oil price, by the potential for the West to bomb Iran, by the US housing market, by the internal disintegration of the Labour Party, by the falling dollar, by the rising pound, by the global pension crisis, by property valuations, by consumer debt, by the resurrection of Latin American socialism, by Russian politics, by Bulgarian umbrellas, by walking under ladders and by standing on cracks in the pavement."
For this succinct summary of what is wrong with the world I am indebted to Jim Wood-Smith, head of research at the stockbroker Williams de Broe.
He might have added a few woes specific to the UK - house prices nobody in an ordinary job can afford, say, Gordon Brown, Scotland, the trade chasm, the failings of the state education system, the extent to which Britain's prosperity has come to depend on the astounding success of the financial services fraternity in and out of the City etc.
Mr Wood-Smith's conclusion is that none of it is likely to spook the stock market for long, though we are due for a pause for thought.
He was writing on Monday when the Footsie topped 6500 for the first time in six years, a level it has held for only 14 weeks historically and never for more than five weeks running. The 100-share index stood within seven per cent of its all-time high at the apogee of the tech boom in December, 1999. As to the All-Share, it was striking new records already.
Since then we have had a couple of minus days, neither of them arising directly from Mr Wood-Smith's dread-list. Tuesday's setback was triggered by a nasty surge in inflation, the prospect of stern action by the Bank of England to put it right and a two-dollar pound celebrating dear UK money in advance.
Yesterday we had a sudden crack in recently soaraway base metal prices administering a knock to mining shares.
Given the element of surprise and drama, with Mervyn King writing his first-ever letter of excuses and Gordon Brown struggling with growing desperation to maintain the fiction that his ten years at the Treasury have been a succession of unalloyed triumphs, the astonishing thing has been how measured the market's reaction has been - so far. These thing can and do change. After all, there were fat profits to be taken, without any shocks from the outside world.
Mr Wood-Smith's conclusion is that share prices are historically cheap in terms of earnings and that present profit forecasts for 2007 are too low. In terms of earnings ratios, he calculates that the market would have to double to get the All-Share back to its over-valued pinnacle of 1999.
There is no particular reason why one gross and ill-fated over-valuation should create a precedent for another. But you can argue that shares are still cheap and there is still cheap money around for those who want to buy them.