1. Professor of Law, King's College London. This is the text of my inaugural lecture given on 21 February 2006. For their insights into the subject-matter I am indebted to the following authors: The Hon Mr Justice J. B. Kearney, “Accounting for a Fiduciary's Gains in Commercial Contexts” in P. D. Finn (ed.), Equity and Commercial Relationships (Sydney: Law Book Co, 1987), 186; and D. Friedmann, “Restitution for Wrongs: The Measure of Recovery” (2001) 79 Texas Law Review 1879. My thanks also go to Robert...