Robert Almeida, portfolio manager and global investment strategist at the US funds management giant MFS, likes to open client meetings this day with a version of the famous fish parable from the late US writer, David Foster Wallace.

Two young fish, so the story goes, are swimming along when they happen to meet an older fish swimming the other way. The older fish nods at them and says, “Morning, boys. How’s the water?” The two young fish swim on for a bit, and then eventually one of them looks over at the other and says: “What the hell is water?”