A string of investors, led by Warren Buffett, Anthony Bolton, Neil Woodford, Mark Anson and Jeremy Grantham have lately been queuing up to argue that equities have hit a low.

Sadly, their views are couched by cautious views on immediate prospects. All of them, with the exception of Grantham, a self-confessed perma-bear, also have a direct, or indirect, interest in talking the market up.