What a relief. As the year ends, a global economy saddled with huge imbalances has delivered better-than-expected growth while serious financial crises have been avoided. True, this did not turn into better-than-expected market performance for investors. Yet it is possible to put a case that in 2004 the world became more shareholder friendly.

Not, admittedly, in Russia, which has invented a form of renationalisation for Yukos, the oil group, which involves stripping and busting the company. Nor in Asia, where the flotation of China Aviation Oil just before its revelation of $550m (£283m) derivatives losses reminded us that China does a nice line in piracy.