📖John Templeton

Lifelong Learning

🌱 Beginner★★★★☆

Never stop learning in all areas.

💬

The more you learn, the more you earn. Never stop learning about markets, companies, countries, and human nature.

— Templeton's Way with Money,2012

🏠 Everyday Analogy

A process is like a pilot checklist: discipline prevents simple mistakes when pressure rises and keeps outcomes more repeatable.

📖 Core Interpretation

John Templeton advocates a repeatable process: define criteria, execute consistently, and review decisions against evidence. Process quality drives outcome consistency.
💎 Key Insight:Continuous learning compounds investment wisdom.

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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
Early Investment in South Korea (1962)
Templeton invested in obscure South Korean companies when the country was poor, politically unstable, and largely ignored by foreign investors.
✨ Outcome:Substantial returns as South Korea transformed into an export-driven Asian tiger, reinforcing his case for broad global diversification.
2
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.

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