With equity markets around the world trading at elevated levels, a major correction caused by omicron, rising interest rates or some shock wouldn’t be pleasant.

Ironically, such an event could provide one of the few ways for Magellan Financial Group founder Hamish Douglass to restore faith in the firm, which saw its shares plunge almost 33 per cent on Monday after confirming it had lost its biggest institutional mandate, from Britain’s St James’s Place.