I suppose you are referring to stock markets climbing the wall of worry. This was a term that was popularly used in the 2006 / 2007 period for the first time when the US sub-prime crisis has started imploding but the stock markets continued to rally higher. In fact, the stock markets globally continued to climb higher till January 2008 before the actual implosion of the stock markets started and this impacted stocks globally. During this 2006 to 2008 period, Nomura had brought out a report calling it the Wall of Worry in the stock market.

Both, globally and in India, stock market valuations have been going through the roof but money continues to pour into stocks. Most markets are at their historic highs despite the global GDP growth rate being downgraded by nearly 90 bps. The conventional wisdom has been to diversify some of your stock market risk away by owning high-quality bonds. But the problem with that strategy now is that 10-year bond yields have been dipping. For example, in the last one year, the 10-year bond yields have fallen from 8.3% to 6.4%. This has made the yields on corporate bonds also lower and even bank FDs are not a good parking space now. This is compelling for investors to invest in inequities. In this context, climbing the wall of worry means that despite rich valuations, investments continue to flow into stocks making them pricier.

In short, today investors are climbing the wall of worry of stocks globally because they do not have a choice. Other asset classes like debt, realty, and gold are either not yielding enough or are too volatile and risky. So what's an investor to do if they want to earn a return without being at the mercy of a rapidly climbing stock market that makes many investors nervous? Frankly, not much! That is what the wall of worry is all about and experts keep apprehending that at some point this bubble may burst.