The most famous of Sir John Templeton’s market aphorisms was that “the time to buy is at the point of maximum pessimism”, although I believe he has a good claim also to be the true originator of the saying that the four most dangerous words in investment are “this time it’s different”. Does he think that we have reached such a point in the credit crisis? Alas, we shall never hear his views again, following his death two weeks ago at the grand age of 95.

Is there anything to add to the many words of wisdom that have already been written about this remarkable investor turned philanthropist? Too many of the books written about him, in my view, have verged on hagiography, or were written by acolytes in an effort to spread his views about the importance of the spiritual dimension to life, or some other cause he held dear.