📖John Templeton
Global Value Philosophy
Look globally for the best values.
An investor who concentrates on just one market is like a person who lives in one room of a mansion. Look everywhere for the best values.
🏠 Everyday Analogy
📖 Core Interpretation
In Global Value Philosophy, 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：Global perspective dramatically expands your opportunity set.
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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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