The financial markets in May provided a reminder macro events, economic data and political decisions continue to create a recipe for market volatility.
Although there has been a recent upturn in volatility, the economic landscape has improved significantly since the market lows of March 2009.
The global economy will continue to move forward, albeit not at a historically fast pace.
Europe is likely to experience lower growth due to "fiscal austerity". However, as a result of the awkward outlook, European equities look inexpensive.
Peer group sees £8.5m outflow in May as three-year numbers disappoint, but average fund up 20.7% over one year
When Lehman collapsed money markets froze, businesses went bust, interest rates were slashed and quantitative easing was implemented on a massive scale.