Forty-six years ago in October, the world was on the brink of a full-scale nuclear war. It was, of course, the Cuban missile crisis.
At the time, US secretary of defence Robert McNamara lamented "rational human beings came this close to nuclear war".
In the end, Soviet president Nikita Khrushchev and US president John F Kennedy backed down and world destruction was averted.
The sobering reminder of events past was the opening scene at this year's annual Fund Executive Association conference.
The conference's first speaker, professor Jack Gray, highlighted that the event's outcome rested on one critical decision.
Gray said today's leaders often made decisions under pressure and under the public gaze. The challenge for many, he said, was to think outside popular opinion.
Gray noted that like that terrifying moment in history, the world's current urgent challenge is climate change.
"We are only five minutes to a nightmare and this is climate change," he said.
While sections of the business community have spoken out against the Government's planned legislation on climate change, the superannuation and financial services industries decided to act on climate change before any policy evolution.
Over 60 industry participants signed up to the United Nations Principles for Sustainable Investment before any policy was even conceived.
Colonial's $150 billion asset manager became a founding member of the Investor Group on Climate Change and it now boasts over 30 fund managers and super funds as members.
For VicSuper chief Bob Welsh, a long-term advocate of climate change action, it was about the big picture.
Eight years ago the fund decided to tackle climate change, believing the biggest threat to member retirement savings came from sustainability issues.
This month's cover looks at what industry participants are doing to meet what will be a difficult investment environment.
Similarly, the depressing run on the local market has challenged investors to rethink their equity portfolios.
With many global markets offering similar sober returns, Alice Uribe looks at how these investors are making their judgments about international equities.
It may not be as immediate as the threat of nuclear war, but climate change, plummeting share markets and the prospect of a new world order will certainly test the industry.
As Gray notes, leaders will have to be able to do things in different ways and like the industry's approach to climate change, think outside the normal parameters.
