Even by his own standards, Terry Smith has been extraordinarily successful since moving into asset management 10 years ago. But that success has only highlighted what the veteran investor wryly admits was his one big mistake. “Not starting a fund management business before was an act of sheer stupidity,” he told me in 2018.

For those who get it right, fund management can be a licence to print money. Smith trousered £16m from his company last year, though given the performance of his main fund over the past decade few of his investors are likely to complain.