Another important distinction is between a micro and a macro approach to investing.

ECONOMIST: A survey of fund management

Andrew Tyrie, chairman of the Treasury Select Committee, told the BBC that Mr Carney "ticks all the boxes" but added that his committee would question him on matters such as how he will approach macro-prudential stability and what his views on quantitative easing are.

BBC: Mark Carney named new Bank of England governor

The macro, or asset-allocation, approach is to place bets on broad categories of assets, such as German bonds or emerging-market stocks.

ECONOMIST: A survey of fund management