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.

The students were let out of school early.

The agreements […] made with the landlords during the time of slavery, are only the effect of duress and force.

We saw a moose at the edge of the woods.