A Pall Mall reminder of Buffett’s advice on greed and fear

Had my first look yesterday inside the Institute of Directors HQ on London's Pall Mall, a guest of St James' Place – the FTSE 100 business started 25 years ago by South African Mark Weinberg. The visit cleared up some investment-related misconceptions.

Firstly on the weakening of the Pound – even against the Rand. One of my lunch companions has been on the stump with her Tory candidate spouse. She shared there has been a dramatic swing in the public's mood towards party leader Theresa May. A money manager and fellow Conservative Party insider admitted there's actually a real prospect of a hung Parliament.

The second valuable insight was from guest speaker, IOD director general Stephen Martin who warned his mostly business audience that Brexit is laden with potential danger. The UK's decision to leave, he reckons, has been a catalyst that's brought the other 27 EU members closer together. And they could play the breakup as tough as they've been talking.

Markets hate uncertainty, something reflected by Sterling's recent slide. Mrs May has discovered, these things can turn very quickly. But such swiftness cuts both ways. For those considering a cheap way into a hard currency, buying Pounds today may prove a rare opportunity. As Warren Buffett reminds us, the best time to be greedy is when others are fearful.