“Safe risk” might be an oxymoron but it describes how investors repositioned themselves after the credit crunch – although it may be a less valid strategy now, says Steve Barrow, strategist at Standard Bank.

“As central banks and governments worked overtime to reliquefy the global economy, so investors branched out into riskier assets through 2009. But we’d argue they have opted for ‘safer risk’ at the expense of ‘riskier risk’.”