Audiences turn up with the expectation that club managers will pick better-than-average bands.

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These include low cost index-tracking choices for those who do not think that they can pick a better-than-average investment manager.

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Fund of fund managers need to pick not just better-than-average funds to produce incremental return, but among the best, concludes Bernstein.

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As a minor variant of this, especially if there has been a dramatic recent move in currency value, you could pick something closer to the 1-year trailing moving average.

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If the losses and liquidation pick up steam, and the 20-day moving average is broken on a closing basis, it would open the door for addition losses throughout the week.

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Average wages have risen by only 2% over the past year and are unlikely to pick up by much until the unemployment rate, currently 5.7%, falls to 5%.

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It is promising to pick up the really high costs, while leaving the individual to cover the cost of the average care package.

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"There is evidence of a muted pick-up in the number of houses bought and sold in the last quarter of 2012, with average prices now at 89% of their pre-recession peak, " said Mr MacRae.

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