Unattractive

All three parallel valleys of the Llynvi, Garw and Ogmore are much the same in physical character: the lower reaches are wooded and not unattractive, but as the railway climbs on ever-steepening grades, the hills on either hand grow barer and closer together, while in all respects the scene becomes more sombre, with the terraced, slate-roofed colliery towns and the road, railway and river all struggling for space in the narrowing defiles.

Investors face a quandary. Cash offers a return of virtually zero in many developed countries; government-bond yields may have risen in recent weeks but they are still unattractive. Equities have suffered two big bear markets since 2000 and are wobbling again. It is hardly surprising that pension funds, insurers and endowments are searching for new sources of return.