There is no doubt that recently markets have been very volatile and with that brings a huge range in the performance that is delivered quarter to quarter and year on year.

Until recently it would have seemed that the investment climate had become more conducive to holding equities, however some of the potential icebergs or risks, which we have mentioned before have come to the surface.

 One of the more significant Icebergs at the moment is the whole issue of sovereign debt. The short term solution to the financial crash of 2008 was for governments to step into the gap and supply the liquidity and demand that had evaporated in the private sector.