Where investors should be allocated, many professionals say, is in a broad range of assets.
EDF admitted recently it was going to have to sell a range of assets to raise cash.
McDermott says: "Spread your money across a range of assets, including cash, shares, bonds, commodities and property".
Like Yale, Harvard invests in a range of assets that include equities, real estate, commodities, private equity and hedge funds.
The government has been buying a wider range of assets and encouraging the private sector to invest more money overseas.
Market measures of uncertainty about future asset prices suggested that, for a wide range of assets, it was surprisingly low.
By investing the proceeds of their energy sales in a broad range of assets, they can diversify their income instead.
The cash the banks have received in exchange for bonds has either been hoarded or recycled through the financial markets to fund purchases of a range of assets.
Isa rules allow investors to hold a wide range of assets, including cash, fixed-income, collective investment funds and individual shares.
It has been authorised to spend up to £50bn buying a range of assets from the banks, both to increase corporate credit and for monetary policy purposes.
The range of assets seized — a gas station, a car dealership, a food-distribution company, and a candy distributor — suggested involvement in every part of the town's commerce.
