The unaudited overall return on Athelney Trust shares for H1 was 6.4%, whereas the FTSE Small Cap, Fledgling and AIM All-share indices rose by 7.1, 15.6 and 8.2 per cent respectively. For the month of June only, ATY was down by 0.7% and the three indices were -2.4, +0.4 and -1.9 % respectively.

It is curious to reflect that when US and UK interest rates were cut to their lowest levels ever in March 2009, markets expected them to rise within the year. More than six years later the rates remain the same and markets are still obsessed with the timing of a rise rather than how slowly or rapidly the rises will take place. My own view is that the rises will be extremely gradual and each one signalled a long way in advance so as not to upset markets. We are now in a low growth world – witness the downward revisions to growth projections of the Fed and the Bank of England in June. China is slowing down although the official figures are still hiding the true position. Japan and Europe are finding it difficult to grow at what we used to call a decent rate. This all means that interest rates are going to be far lower than at pre-crisis levels. Average rates since 1945 for the US, UK, euro-zone and Japan were respectively 3%, 7%, 3% (estimated) and 4%.

In such a world, any reversion to the average is very distant so there is no sword of Damocles poised over the heavily indebted developed world for the foreseeable future.