Michael Murray: Fear about near-term, prospective event' risks often gets completely out of hand

Since last weekend, there has been a multitude of headlines and opinion polls that have caused many ordinary investors to panic.

I had a call from a friend whose pension fund is substantially tied up in sterling assets, and he wondered should he hedge against the currency risk given the way the polls were going in the Scottish referendum.

I don't give advice but I did tell him that I personally had no ...