So play by different rules. The investment world is full of managers operating with artificial but nevertheless iron-clad constraints - a comparison with Goliath would not be wholly out of place. There is no value in conventional western government bond markets, for example - only the illusory comfort of liquidity. Page 9 of last Thursday's Financial Times carried two stories, side by side, pointing to the nature of the challenge. On one side of the page, San Bernardino was being reported as the third city in California to file for bankruptcy. Next to it, the lowest ever yields in history were being reported for a 10 year US Treasury auction.

The surreal opportunity within bond markets today can best be summarised in the observation that the debt of creditor nations in many cases offers higher yields than that issued by the most heavily indebted nations. But only by playing by different rules (and abandoning conventional benchmarks and other self-imposed fund managerial restrictions) can one participate in this alternative fight with a chance of coming out on top.

David Fuller's view This paragraph immediately above is profound, in my opinion.