Many investors are attracted to the perceived stability of certain sectors. But safety stems from the price you pay, not the underlying dynamics of the businesses you buy.
At a time when pessimism towards UK equities is entrenched investors are overlooking the diversity and resilience of mid cap companies.
The improved pricing environment in Europe is one of several factors that can offset the headwind from a stronger currency.
With returns likely to be lower in future than they were in the past, investors may need to re-set their expectations or accept higher risks.