While things are perhaps not quite as scary as 2012, this group of professionals still get the odd shiver down their spines.

Alan Steel: founder Alan Steel Asset Management

Win win funds

What scares me most are funds where folks think they can't lose because they're safe - like bond funds where marketing nonce has encouraged far too many advisers to pile their clients into them, especially the belief that GARS type funds are the Bs and Es. Between them these 'sectors' have seen inflows of billions over a five year period when the world was supposed to end somehow but didn't and risk on was the style to support .

It reminds me of the days when with profits was the easy sell; and look where they ended up. It shocks me to think that to this day, no matter which regulator is appointed, this sort of easy sale is acceptable. And we still have to say: 'Past performance is no guide to the future, etc'… despite clear evidence that sometimes it is and easy to spot - like, whenever the herd want to buy something, it's obviously time for a sharp exit. So maybe the risk warning should read - 'If you're absolutely convinced this investment is right for you because everybody else is piling in, do think again.'