Selling winners also has the beneficial effect of helping you to build up a cash position.

FORBES: Cast A Wide Net For Yield

Tellingly, the man whom Rupert Murdoch selected to replace Rebekah Brooks as the chief executive of News International in London was Tom Mockridge, a former press adviser to Paul Keating. (As an historical aside, the changes in media ownership rules that enabled Rupert Murdoch to build up his share of the Australian market came into effect under Paul Keating).

BBC: Murdoch in Australia: The fallout

In effect, a slower start followed by a faster build-up later can get you to the same eventual benefit in terms of reduced emissions, but far more cheaply.

ECONOMIST: Economics focus

This has, in effect, lifted any constraint on credit growth, allowing a bigger build-up of private-sector debt.

ECONOMIST: World economy