📖John Templeton
Emerging Market Companies
Find quality companies in growing emerging markets.
Companies in emerging markets often grow faster than those in developed markets. The key is finding quality companies at reasonable prices in growing economies.
🏠 Everyday Analogy
📖 Core Interpretation
In Emerging Market Companies, John Templeton focuses on the gap between price and value. Returns come from paying less than what a business is worth, not from guessing short-term market moves.
💎 Key Insight：Emerging markets offer faster growth at lower valuations.
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❓ Why It Matters
Ignoring valuation turns even good companies into poor investments. Overpaying compresses future returns and leaves little margin when assumptions are wrong.
🎯 How to Practice
Estimate intrinsic value with conservative assumptions, set clear buy ranges, and act only when price offers a meaningful discount with acceptable downside.
⚠️ Common Pitfalls
Confusing a low price with true cheapness
Using one metric without business context
Overly optimistic assumptions that erase margin of safety
📚 Case Studies
1
Dot-Com Bubble Caution (1999)
Templeton warned that tech stocks were overpriced and avoided the mania, buying out-of-favor value stocks instead of chasing momentum.
✨ Outcome：He underperformed briefly during the bubble, but preserved capital and outperformed after the 2000–2002 crash.
2
Asian Financial Crisis Opportunity (1997)
During the Asian financial crisis, Templeton humbly accepted he couldn’t time bottoms and gradually bought quality companies as currencies and markets collapsed.
✨ Outcome：Suffered short-term volatility, but positions rebounded strongly over the next several years, validating disciplined, humble value investing.
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