Brave investors are rare enough these days. With markets swinging by 100 to 200 points in a day, volatility is too great for the ordinary person.

Many financial commentators and advisors are recommending that investors stay away from the markets until there is more clarity regarding interest rates, and especially the cost of government bail outs of indebted countries, let alone their banks. And that makes sense.

Mostly, they recommend their clients hold a certain amount of cash and other defensive options, ranging from precious metals, inflation-linked bonds and well-priced absolute return funds.