📖John Templeton

Spiritual Foundation for Investing

🌱 Beginner★★★☆☆

Gratitude and humility improve investment judgment.

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A thankful heart leads to greater prosperity. Begin each day with gratitude and prayer, and your judgment will be clearer.

— 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:Inner peace leads to clearer thinking in markets.

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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
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.
2
Investing in Postwar Japan (1954)
While most U.S. investors avoided Japan after WWII, Templeton bought undervalued Japanese equities amid reconstruction and negative sentiment toward the country.
✨ Outcome:Japanese stocks soared over subsequent decades, delivering outsized returns and validating his thesis of going where the crowd is absent.

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