Fresh-faced financial reporters are swiftly disabused of the idea that there are “safe havens” in financial markets. With one eye on the word count, a grizzled sub-editor will cut the extraneous word and growl “all havens are safe”. Assets that retain their value during a market downturn—gold, the Swiss franc, the Japanese yen—should be known by the one-word moniker “havens”. As such, the sub-editor will insist, “safe havens” have no place in newspaper copy.