Kevin Gardiner, head of equity strategy at CSFB, said: “The big disinflation is behind us, profitability is low and poised to recover, and valuations suggest equities are inexpensive relative to bonds. There is no pressing supply constraint on UK growth, and one way of securing an entitlement to future output is by owning the companies that deliver it.”Fund managers and advisers asked to name the best investment havens for the next 50 years plumped for equities, especially healthcare, technology and emerging markets.Mr Hatherley at M&G added: “If the European Community thrives it will probably expand to include the whole of Europe and maybe Russia, and it will make sense to invest Europe-wide. It is likely that we will see entirely new industries.”Patrick Connolly, of the IFA Chartwell Investment Management, said: “I suggest a diversified equity fund, because that diversifies the risk of equities Witan Investment Trust would be a logical option. For those willing to take a higher degree of risk I would choose a pharmaceutical or biotechnology fund such as Finsbury Worldwide Pharmaceuticals or Finsbury Life Sciences. There is also a very strong case for investing in a well-managed smaller companies fund such as Standard Life UK Smaller Companies And there is also undoubted potential in China.

Fleming Chinese Investment Trust has strong exposure to the area.”Robert Lockie, at Bloomsbury Financial Planning, said: “The best way to make a lot of money is to take a large, undiversified risk. The evidence suggests there will be more old people, with more assets, spending them to support themselves. So who will be the beneficiaries? Leisure, healthcare, stairlift companies, Zimmer frames and companies that make those zip-up fur-lined boots and tartan shopping trolleys would be my wild guesses.”Anna Bowes, of Charcol, David Aaron, of the David Aaron Partnership, and Alan Steel recommend a stakeholder pension because of the tax relief. Ms Bowes said: “If you would prefer to have access to the capital before retirement, invest in a tax-free stocks and shares individual savings account (Isa). By choosing an international fund, such as Fidelity Wealthbuilder, you can take advantage of opportunities around the world.”Mr Aaron went for the Artemis and BWD UK smaller companies funds, Anthony Bolton’s Fidelity Special Situations or New Star Select Opportunities, managed by Patrick Evershed.. Be different. That motto has made Anthony Bolton one of the City’s most successful fund managers.

Mr Bolton, who has run Fidelity’s European and Special Situations funds for two decades, believes in a truly awesome quantity of research before he makes an investment decision. But he logically points out that you will beat the market and the competition only if you have an edge that makes you different

Moneynetsavingssearch Be different. It’s all about having competitive advantages relative to other investors. If you like to do what the crowd’s doing, then beware in the stock market.”This has echoes of the oft-repeated mantra that private investors should buy shares in companies whose products or services they use, or those that operate in industries where the investor works. Marks & Spencer’s female shareholders were widely acknowledged to have been the first to spot that the store chain’s fashions were missing the mark a few years ago, indicative of management problems and falling sales and profits.The difference with Mr Bolton, a quietly spoken and donnish 52-year-old, is that he acquires this level of knowledge across not just a few but several hundred companies, by dint of endless reading, meetings and visits.