Sitting Bull, on horseback, with his brother behind him, counts coup on the soldier, and adds a new feather to his war bonnet and variety to the color of his legging fringes.

That had all happened a year ago, and now all four of them were sitting on a seat at a railway station with trunks and playboxes piled up round them. They were, in fact, on their way back to school.

Investors face a quandary. Cash offers a return of virtually zero in many developed countries; government-bond yields may have risen in recent weeks but they are still unattractive. Equities have suffered two big bear markets since 2000 and are wobbling again. It is hardly surprising that pension funds, insurers and endowments are searching for new sources of return.

I only can properly enjoy carol services if I am having an illicit affair with someone in the congregation.