I am often asked what my biggest investment mistakes are. I have many, though oddly they were not related to the bad choice of a stock on the market, but rather the result of trading successes.

In the early 1980s, after a good run in the gold market, my brothers and I decided to take profit out of a family investment vehicle and buy a holiday home in Salt Rock, on the north Coast of KwaZulu-Natal. I was one of four brothers. Three of us — Harold, Ian and I — were married with small children. Eric, the youngest, was still a bachelor...

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