📖John Templeton
Humility in Investing
Humility prevents overconfidence in investing.
An investor who has all the answers doesn't even understand the questions. Humility is the foundation of good judgment in markets.
🏠 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：Admitting what you don't know prevents costly mistakes.
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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
Tech Bubble Trim (1999)
Templeton reduced exposure to overvalued U.S. tech stocks as valuations became extreme in the late 1990s, selling into market euphoria.
✨ Outcome：Missed final phase of gains but preserved capital when the bubble burst, enabling later purchases at bargain prices.
2
Pre‑Crash Profit Taking (1987)
Ahead of the October 1987 crash, Templeton sold selected U.S. and developed‑market equities that had doubled or more, following his valuation and discipline rules.
✨ Outcome：Losses were limited during the crash, and cash raised was redeployed into high‑quality stocks at distressed prices.
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