📖John Templeton
Global Industry Analysis
Analyze industries from a global perspective.
When analyzing an industry, look at it from a global perspective. An industry that's mature in one country may be growing rapidly in another.
🏠 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：Global lens reveals growth opportunities missed by domestic-only analysis.
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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 at the Outbreak of WWII (1939)
Templeton borrowed money to buy 100 shares each in 104 depressed U.S. stocks trading under $1 as war began in Europe.
✨ Outcome：Within about four years, around 100 of the positions were profitable, several multi-baggers, establishing his bargain-hunting reputation.
2
Post-Black Monday Bargain Hunting (1987)
After the October 1987 market crash, Templeton selectively bought high-quality global stocks whose prices had fallen far more than their fundamentals.
✨ Outcome：Many positions rebounded strongly over the next few years, validating his approach of buying when others were fearful.
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