Investor psychology has moved on from the memory of the 2008 financial crash and the recession that followed, a fund manager told CNBC.
"I think what's very interesting at the moment is why equity markets are not really moving very much in response to what you might have expected to be events that would move the equity market a lot," Eric Lonergan, fund manager at M&G, said.
"My personal view is there's something more profound occurring here, which is an underlying shift in risk preferences, which is actually largely about the memory of '08 decaying."
Lonergan said that investors now "under-react" to a number of news events which would normally have an effect.
"So as we get further away from '08, and the kind of permanent wolf-crying that there's a recession around the corner (that) doesn't actually occur, people's risk perceptions are shifting."