Rationality is the second principle, implying that during periods of financial panic or extreme turbulence, it is better not to make momentous decisions. “Investors should resist the urge to act in haste, because hasty decisions often turn out unfavourably,” Darst instructs.

Don’t discard wise methods merely because they are temporarily out of favour or because they have been applied for a long time, exhorts another guidance in the book. “Traditional valuation criteria may very well retain their validity, especially near points of extreme overvaluation or undervaluation, just when the consensus wants to ignore or discard those very principles,” the author explains. Let reason have its fair say in investment policy, he appeals, before citing John Maynard Keynes, thus: “A conventional valuation, which is established as the outcome of mass psychology of a large number of ignorant individuals, is liable to change violently as the result of a sudden fluctuation of opinion, since there will be no strong roots of conviction to hold it steady.”

Highly instructive, especially during times of tremors as being currently experienced in the markets.

Being a self-starter, who displays an unusual amount of initiative, is desirable in today’s ultra-competitive environment, says Jeff Davidson in The 60 Second Self-Starter ( www.jaicobooks.com ).