Well, that’s a relief. Following the recent crash in share prices, US fund manager GMO, has decided it might be time to buy a few equities: “We are now very modest buyers for the first time since mid 2009,” co-founder Jeremy Grantham says in his latest newsletter.

But Grantham warns against piling in, pointing out that government finances are out of balance, animal spirits are low and corporate profitability is "freakishly high."