Mr Warren Buffett once told me that his favourite investments were not so much bets on the United States as bets on the ability of American companies to continue exporting capitalism around the world.

Berkshire Hathaway holdings such as American Express, Coca-Cola, Kraft Heinz and Procter & Gamble were huge global franchises. An increasing amount of their growth came from emerging markets, while they still paid out a reliable dividend. They were, he said in 2012, safer even than US Treasury bills.