The closing period of the second World War saw the huddle of victorious allied vultures taking place in February 1945 in Yalta — the old summer watering hole of the Czarist Court in Russia’s Crimea. Between Roosevelt of the USA, Churchill of the UKGBNI, and Stalin of the USSR, slips of paper were passed around bearing the names of other nations not present.

Investors face a quandary. Cash offers a return of virtually zero in many developed countries; government-bond yields may have risen in recent weeks but they are still unattractive. Equities have suffered two big bear markets since 2000 and are wobbling again. It is hardly surprising that pension funds, insurers and endowments are searching for new sources of return.

Now there were long periods when he heard nothing except the wind in the trees and the plop of buckeyes on the earth.

Jack, couldn't you call me Bette again? You know how much I hate Bess. I don't know what's happened; you've been calling me Bette since we came to California and now, suddenly, you're calling me Bess. There's a long silence. Dad's still up on his knees; I'm driving along Sepulveda Boulevard toward Olympic. Well, Bette, I married you as Bess and I've always liked that name. It's a name you don't hear very often; it's a strong name like you. Every time I call you Bette I'm afraid somebody else might answer.