All bets are now off on the relative health of the concluding months of 2017. August may have been a quiet period but it was still a lot racier than any other August on record. With aggregate sales volumes pushing miles past every revised prediction, it's hard to be sure how long the bull-market game will play. By the end of August, long-term fund sales were €472bn, or 24% above the previous annual record that was set in 2014. At the current run rate volumes could breach €700bn. Our more cautious expectation is €560bn-€600bn.