Public markets are arguably over-owned and overpriced. To understand why you have only to look at one of the newest phenomenons in the global financial system, the massive artificial creation of cash or, Quantitative Easing by the world’s central banks.

Fund liquidity is becoming a focus again as the winding up of the Woodford Equity Income Fund is due to start on January 17, 2020, and the regulator has sounded a warning on liquidity to help prevent a similar debacle.