In retrospect, of course, it was an easy call. The "ridiculous cheapness" of shares could be shown with hard numbers. Unfortunately, most of those numbers have now changed. A year ago, the historic dividend yield on the FTSE 100 was a terrific 5.8pc and 15-year gilts yielded a mere 3.7pc. So there was, most unusually over recent decades, a "positive yield gap" in favour of shares. The attraction of the dividend yield was outstanding.

Now both figures have changed. The yield on shares – after the stock market's rise – has fallen to 3.5pc and that on long gilts – after a fall in their prices – has risen to 4.5pc. The more usual "reverse yield gap" has been re-established. Gilts yield more than shares again.