Another few lines about Templeton
Templeton is described as “one of the handful of true investment greats in a field crowded with mediocrity and bloated reputations.” He believes any investor would be foolish to restrict his investments to his home country. Seek out the world’s best investments, he advises, wherever they reside. In the 1950s, he poured shareholders’ money into the German and Japanese stock markets. With the wounds of WWII still fresh, investing in Japan was about as popular with Americans then as the idea of funding the Taliban today. But as these battered economies were gradually rebuilt, his investment returns were substantial. Today he still favors the investment outlook for emerging markets, particularly China. At the height of the Internet bubble, Templeton sold short dozens of young technology companies just before their shares came out of “lock-up,” the six-month cooling off period following an IPO. He made over $80 million in a matter of weeks. He still calls it “the easiest money I ever made.”
Templeton knows what it means to be a true contrarian. “To buy when others are despondently selling and to sell when others are avidly buying requires the greatest fortitude… and pays the greatest reward.” Wise words for those contemplating what to do in today’s volatile markets.
Templeton quotes social reformer Henry Beecher, “No man can tell whether he is rich or poor by turning to his ledger. It is the heart that makes a man rich. He is rich according to what he is, not according to what he has.” Templeton is a great believer that true wealth doesn’t come from making money, but from fulfilling a purpose outside ourselves, whether that’s exercising our talents, raising our kids to be happy, productive adults, or contributing to our communities in some meaningful way. As Templeton is fond of saying, “Happiness pursued eludes, happiness given returns.” “We’ve made you a few dollars?” I asked.He touched my arm, smiled and said “Oh, I’ve been far too fortunate in this life for money to make much difference.” What a charming answer…
