John Templeton on Value Investing

February 18, 2020 pwm1

People are always asking me, where is the outlook good? But that’s the wrong question. The right question is: Where is the outlook most miserable?

—Sir John Templeton (Photo courtesy of the John Templeton Foundation)

John Templeton was one of the greatest value and international investors of the 20th century. He made a fortune by sifting through forlorn or forgotten sectors or industries in search of hidden gems. Fittingly, one of his first investment moves came as America was reeling from a decade of depression and economic turmoil, and as Hitler was invading Poland to begin a world war. He called his broker and requested to buy 100 shares of every company trading for under $1 per share. There were 104 such companies. Over the course of World War II, that investment went up 400%. While everyone else was battening down the hatches, Sir John was looking for opportunities.

—MSH, Penn Wealth

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