Where do you put your money? Gold? Too expensive. Cash? Too much inflation. Equities? Not after today’s sell-off. Bonds? Interest rates are too low. For the panicky investors, there are few places to hide.

When times were tough during the recent financial crisis, investors turned to cash as a safe haven. Carmignac Patrimoine, one of the leading multi-asset fund, put up to 40% of its holdings in cash during the financial crisis.