Prices of commodities are surging despite the fact that economies, many of them still in the grip of lockdowns, are still far from full recovery from the pandemic.

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.

In Germany the harsh winter has conveyed dramatic warning of how nasty life will become as it proceeds with its extreme Energiewende policy to rely on renewables to meet its electricity needs.

The first thing most people look at when considering an investment is the annual rate of return they expect to be able to make out of it. Return is the “rent” you enjoy as payment for investing your capital rather than going out and spending it, and also the “reward” for the risk you take.