A few weeks back we recounted the story told by Avram Fisher, founder of Long Cast Advisers, of Mr Leonard, his English teacher at high school, who inadvertently taught him two valuable lessons when it comes to investing. One, that how we value things is swayed by how other people value things. The other, that a mob is ugly.

“I learnt in high school,” concluded Fisher, “that I’m as susceptible as everyone else to the sways of the crowd. So now I aim to avoid a mob, aspiring instead, as an investor, to keep my head when all about are losing theirs.”..

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