Investors with long-term objectives are told they should be immune to market gyrations, but slow, grinding declines in value have been harsh tests of character – and sharp, vertiginous drops are just terrifying.

The Australian and US share markets have lost 7 per cent and 18 per cent respectively since January 1 – and the spectre of inflation has cast a shadow over the next 12 months at least. It’s almost impossible to know what to do next.