Most supposed “big picture” investment commentary is about the short term: the likely impact on markets in the coming months of, say, the Ukraine crisis, Fed tapering or rising tensions in east Asia. But investors are really more interested in what will happen in the long term.

So what is the longer term? Is 15 years a long-term equity investment? Come December, it will have been that long since the FTSE 100 was at its all-time high of 6930, despite bumping along just below that level so far this year.