Not long ago, trackers were all the rage. It all sounded so simple in the bull market; you simply bought into a fund which mimicked the relevant index and, hey presto, easy money.

If anything, it is getting easier in the Irish market. The arrival of the euro zone and the decision of investors large and small to desert the small and mid-caps means you have to buy fewer and fewer shares to capitalise on any market growth that may be around.

Indeed, if current trends continue, it can only be a matter of time before the only share you have to buy is Elan.

Following its $1.8 billion (€2.1 billion) move for US pharmaceuticals group Dura, it will represent around 30 per cent of the index and, according to some commentators, that stake represents the profitable element of the index this year, or the bulk of it.

Dominic Coyle can be contacted at dcoyle@irish-times.ie