Opportunities all around but few are compelling

'Water, water, everywhere, and not a drop to drink,' lamented the shipwrecked sailor. Investors are beginning to know how he felt. Never have there been so many financial markets open to institutions or individuals, and seldom have there been so few compelling investments. And even when they are offered a stupendous deal, investors are just not ready to commit. Individuals may need income but there are other ways of securing it than playing the markets. Institutions, however, have to invest the money they are given. Doing nothing is not an option. But in difficult times, they find thems...