Value stocks “have had a decade from hell” says The Economist. Over that period their returns have lagged behind the average for the American stockmarket as a whole by more than 90 percentage points.

House prices in developed economies are soaring. In America they increased by 11 per cent in the 12 months to January, their fastest pace in 15 years. In New Zealand, prices are up by 22 per cent; in Germany by 9 per cent and in Britain by 8 per cent.

Commodity prices are surging and there’s the prospect of demand for some natural resources exceeding supplies for years to come. Some leading investment advisers now say that we’re in the early stages of another “super-cycle.”

War risk is “consistently underestimated by money people” says FT commentator John Dizard following the escalation of tensions between China and Taiwan. The latter runs itself as a highly successful independent nation, but China insists it is a breakaway province that it is determined to recover.