A common question I am being asked at the moment is 'how can investors protect themselves from the threat of a US default?' The short answer is, with difficulty.
Once again the US faces a difficult fiscal hurdle in the form of the need to raise the debt ceiling. The script for this drama should be familiar by now.
It's more than a week since the US shut down, and one thing you can say is Americans are not shy of airing their dirty laundry.
Investor caution is understandable, but the long-term return outlook for US equities still looks positive.
North America is back in favour among investors, with sales of North America equity funds hitting a record high in February.