In an asset class war equity analysts may be the first victims. Last week the Alliance Boots chairman Sir Nigel Rudd hit out at the sell side analysts who had scorned the company's shares after last year's merger between Boots and Alliance Unichem. Now the value has been recognised instead by the private equity group Kohlberg Kravis Roberts.

Has the listed market been found wanting? Well, immediately there was counter-evidence from the troubles of another British retail chain, Focus DIY, which was heaped with debt but turned out to be unable to cope with a bad patch in the home improvement market. The coming restructuring will be costly for creditors.