Look to the horizon, but do not neglect what is happening on a day-to-day basis. The advice from investment professionals is in line with the approach taken in the past at times of acute crisis. This is because the basic issues to be tackled in the medium term remain the same as they were a few weeks ago: the cost of living, the impact of which can be cushioned by including inflation-linked bonds in the portfolio; the rebalancing of bond exposure, with high yield bonds (bonds with above-average yields because they are issued by companies with low credit ratings) regaining appeal in the face of a reduced number of defaults; and finally, the rediscovery of equity sectors that have lagged behind during the stock market rally of recent years.