This column likes risk right now. In fact, we’ve liked risk since the April 9 session in the United States. On that day alone, we cut our hedges and bought $1.4 billion of bonds. Since that time, we’ve bought $4.6 billion globally.

On April 11, this column declared that “investors need to be bold during these dark days”. A global Goldman Sachs survey showed that most traders were paralysed with fear and/or cutting risk at the wrong time. “You want to be buying when the crowd is throwing the baby out with the bathwater,” this column continued. “For the first time in a number of years, core bond markets have become demonstrably cheap again.”