There was a stark contrast this week between the fresh evidence of fragile corporate reputations and the news that Sir John Templeton had died, aged 95, after decades as one of the most influential investors of the 20th century. His death is a moment to reflect on what makes a lasting legacy.

The central reason Sir John is widely remembered is his extraordinary success as a stock picker. In the wake of the Great Depression and on the eve of the second world war he had the confidence to invest in 104 stocks that he thought were undervalued: almost all of them came good. Then in the 1950s, he saw the opportunities for investing in Japan. He also knew when to get out, selling into the dotcom boom at the peak of the market. Any one of those decisions would have been enough to secure him a place of honour among those whose funds he managed and for whom he made so much money. The combination of such sound judgments over such a long period made him an outstanding figure.