It’s tough handling other people’s money in a world where Benjamin Graham’s two rules of investment reign supreme. Rule No 1, the father of security analysis said, was never to lose. Rule No 2 was not to forget rule No 1.

When I joined the JSE more than 48 years ago, a veteran stockbroker called me aside and handed me my first lesson in managing money. Selecting good shares, he lectured, was easy — managing client expectations was not. Remember one thing, he continued, you can fool around with a man’s wife, but not with his money...

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