📖John Templeton
Track Record System
Record and review every investment decision systematically.
Keep meticulous records of every investment decision, the reasoning behind it, and the outcome. This self-audit system is essential for improvement.
🏠 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：Systematic self-review drives continuous improvement.
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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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