"The decision is not rocket science.
"Last but not least, the definition of a short-term safe haven is one which is guaranteed to not go down when the stock market goes down. There is only one: cash. All other options are fluff."
But Liversidge told clients: "Linda and I, with our own pension fund and other investments, are in the market.
"We are holding shares in companies worldwide, just like you. We are certainly not dashing for cash, or gold, or cryptos. The same goes for our colleagues.
"During the ‘Covid-19 crash’ our personal pension portfolio had dropped in value by £80,000 at its worst point. It wasn’t a problem. We didn’t flap. We knew that markets would recover.
"We stood back and took a long cool look. That accelerated our portfolio’s recovery, just as it accelerated the recovery of clients’ own portfolios."
Doomsday Clock
In January this year, the science and security board Bulletin of the Atomic Scientists, writing on behalf of The Science and Security Board, said the Doomsday Clock had been set at 100 seconds to midnight.
Founded in 1945 by Albert Einstein and University of Chicago scientists, the Bulletin of the Atomic Scientists created the Doomsday Clock in 1947 using the imagery of midnight to represent an apocalyptic scenario, and the contemporary idiom of nuclear explosion (countdown to zero) to convey threats to humanity and the planet.
In January, the Bulletin wrote: "Without swift and focused action, truly catastrophic events—events that could end civilisation as we know it—are more likely.
"When the Clock stands at 100 seconds to midnight, we are all threatened. The moment is both perilous and unsustainable, and the time to act is now."
simoney.kyriakou@ft.com
