📖John Templeton
Character Over Intelligence
Character matters more than intelligence in investing.
Success in investing requires not superior intellect but superior character: patience, discipline, and the courage to act against the crowd.
🏠 Everyday Analogy
📖 Core Interpretation
John Templeton highlights that many investment mistakes are psychological, not analytical. Managing behavior under stress is as important as finding ideas.
💎 Key Insight：Patience and courage are more important than IQ.
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❓ Why It Matters
In volatile markets, fear and greed push investors to buy high and sell low. A behavioral framework reduces avoidable, self-inflicted errors.
🎯 How to Practice
Pre-write decision rules, slow down trades during stress, and separate market emotion from business facts before adjusting positions.
⚠️ Common Pitfalls
Following crowd emotion at extremes
Mistaking confidence for certainty
Forcing trades to quickly recover losses
📚 Case Studies
1
Asian Financial Crisis & Emerging Markets (1998)
Currency collapses and banking failures in Asia led investors to flee emerging markets, pushing valuations to distressed levels.
✨ Outcome：Templeton accumulated select Asian and emerging-market stocks; as economies stabilized, these markets rebounded strongly in the early 2000s.
2
Dot-Com Bubble Euphoria (1999)
Investors proclaimed the internet era made old valuation rules obsolete. Templeton warned that excessive optimism and sky‑high tech valuations would end badly.
✨ Outcome：When the bubble burst in 2000–2002, tech stocks crashed, validating his belief that cycles repeat and "this time" was not different.
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