📖John Templeton
Rules for Investment Success
Follow systematic rules for investment success.
Invest for maximum total real return. Invest, don't trade or speculate. Remain flexible and open-minded about types of investment. Buy low, sell high. Have a systematic approach.
🏠 Everyday Analogy
📖 Core Interpretation
John Templeton advocates a repeatable process: define criteria, execute consistently, and review decisions against evidence. Process quality drives outcome consistency.
💎 Key Insight：A disciplined system outperforms ad hoc decisions.
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❓ Why It Matters
Without process, there is no reliable feedback loop. Structured execution and review improve decision quality over time.
🎯 How to Practice
Run a decision loop of research, thesis, execution, and post-mortem; document assumptions and update playbooks with evidence, not hindsight bias.
⚠️ Common Pitfalls
Having opinions without execution criteria
Reviewing outcomes but not decisions
Abandoning rules during volatility spikes
📚 Case Studies
1
Buying During the 1973–74 Crash (1974)
Templeton bought quality U.S. and global stocks as markets fell nearly 50% amid inflation and recession fears, staying invested despite widespread pessimism.
✨ Outcome：Within several years, markets recovered strongly and his patient, diversified positions produced substantial long‑term gains.
2
Staying Invested Through Japan’s Bubble Peak (1990)
Templeton had gradually reduced Japanese exposure before the 1989 peak but maintained select, undervalued global holdings through the subsequent volatility of the early 1990s.
✨ Outcome：Disciplined patience and focus on global bargains helped his funds outperform over the following decade.
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