The safest place to invest in a volatile world?

Money has been flowing into high yield, which reflects a recognition that the asset class has lot to offer in the current environment. According to EPFR Global, $5.6 billion in net new money came into European high yield this year (to the end of Feb), a rise of nearly 8%. Over the same period, $6.3 billion came into European investment grade corporate bonds, an increase of around 4%. Why the sudden rush? Given the political cliff-hangers seen last year I am not going to rule out total world collapse, but my central scenario is less aggressive. Growth is not wonderful and may slip in...