Citations de John Templeton

Toutes les Citations de John Templeton

1. "Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy."

   Source: Templeton's Way with Money (2012)

   Buy when pessimism is at its peak.

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2. "If you search worldwide, you will find more bargains and better bargains than by studying only one nation. The best values are found where others aren't looking."

   Source: Templeton's Way with Money (2012)

   Look for value everywhere, not just at home.

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3. "The best opportunities are found in the most neglected, overlooked, and unloved parts of the market. That's where the real bargains hide."

   Source: Templeton's Way with Money (2012)

   Seek value in the most neglected markets.

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4. "The time to buy the best quality stocks is when they are temporarily depressed. Quality always recovers, but you must have patience."

   Source: Templeton's Way with Money (2012)

   Buy quality companies when they are temporarily cheap.

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5. "Companies with strong balance sheets can survive adversity and emerge stronger. Financial strength is the foundation of long-term survival."

   Source: Templeton's Way with Money (2012)

   Financial strength ensures survival through adversity.

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6. "Look for companies whose management has a proven track record of creating shareholder value. Past performance of management is the best predictor."

   Source: Templeton's Way with Money (2012)

   Seek proven management that creates shareholder value.

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7. "Before making any investment, study the situation thoroughly. Know everything about the company, the industry, and the country."

   Source: Templeton's Way with Money (2012)

   Thorough study must precede every investment.

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8. "Expand your knowledge beyond your home country. The investor who studies only domestic markets is like the farmer who plants only one crop."

   Source: Templeton's Way with Money (2012)

   Study global markets to find more opportunities.

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9. "Never invest in a company you can't explain simply. If you don't understand it, you can't evaluate its prospects."

   Source: Templeton's Way with Money (2012)

   Only invest in what you can understand.

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10. "It is impossible to produce superior performance unless you do something different from the majority. To buy when others are despondently selling requires the greatest fortitude."

    Source: Templeton's Way with Money (2012)

    Do something different from the crowd.

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11. "The only investors who shouldn't diversify are those who are right 100% of the time. Diversify across nations and across industries."

    Source: Templeton's Way with Money (2012)

    Diversify across nations and industries.

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12. "For all long-term investors, there is only one objective: maximum real total return after taxes. Never forget the erosion of inflation."

    Source: Templeton's Way with Money (2012)

    Focus on real returns after inflation and taxes.

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13. "If you buy the same securities everyone else is buying, you will have the same results. Patience to hold undervalued stocks until they recover is essential."

    Source: Templeton's Way with Money (2012)

    Hold undervalued stocks patiently until they recover.

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14. "I never ask if the market is going to go up or down because I don't know. I buy bargains and hold for an average of five years."

    Source: Templeton's Way with Money (2012)

    Buy bargains and hold for years.

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15. "The best time to invest is when you have money. Attempting to time the market is a losing strategy over the long run."

    Source: Templeton's Way with Money (2012)

    Don't try to time the market.

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16. "People who buy for price trends, technical charts, or momentum are speculating. An investor buys what has good fundamental value."

    Source: Templeton's Way with Money (2012)

    Invest based on fundamental value, not price trends.

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17. "The best bargains come during periods of crisis when fear drives prices far below intrinsic value. Crisis creates opportunity for the prepared investor."

    Source: Templeton's Way with Money (2012)

    Crisis creates the best buying opportunities.

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18. "To find the best bargains, focus on the most unpopular countries and the most unpopular industries within those countries."

    Source: Templeton's Way with Money (2012)

    Seek bargains where nobody wants to look.

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19. "The only reason to sell a stock is when you find a much better bargain to replace it. Always upgrade your portfolio toward better value."

    Source: Templeton's Way with Money (2012)

    Sell only to replace with a better bargain.

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20. "Regularly review your investments. Markets change, companies change, and values change. What was a bargain may no longer be one."

    Source: Templeton's Way with Money (2012)

    Review investments regularly as conditions change.

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21. "When an investment's price rises far above its intrinsic value, sell it. The discipline to sell into euphoria is as important as the courage to buy into panic."

    Source: Templeton's Way with Money (2012)

    Sell when prices exceed intrinsic value.

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22. "To buy when others are despondently selling and to sell when others are avidly buying requires the greatest fortitude and pays the greatest reward."

    Source: Templeton's Way with Money (2012)

    Buy when others sell in despair, sell when others buy greedily.

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23. "An investor who has all the answers doesn't even understand the questions. Humility is the foundation of good judgment in markets."

    Source: Templeton's Way with Money (2012)

    Humility prevents overconfidence in investing.

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

    Source: Templeton's Way with Money (2012)

    Gratitude and humility improve investment judgment.

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25. "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."

    Source: Templeton's Way with Money (2012)

    Look globally for the best values.

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26. "How wonderful it would be if we could help people develop the same type of devotion for helping others as they have for buying stocks. Invest with purpose beyond profit."

    Source: Templeton's Way with Money (2012)

    Invest with a purpose that transcends profit.

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27. "Keep an open mind. The most important trait for an investor is not intellect but temperament. Be flexible and willing to change your mind."

    Source: Templeton's Way with Money (2012)

    Keep an open mind and be willing to change.

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28. "When analyzing an industry, look at it from a global perspective. An industry that's mature in one country may be growing rapidly in another."

    Source: Templeton's Way with Money (2012)

    Analyze industries from a global perspective.

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29. "Judge a company's competitive advantage in the context of global competition. A domestic leader may be vulnerable to international competitors."

    Source: Templeton's Way with Money (2012)

    Assess competitive advantages in a global context.

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30. "Companies in emerging markets often grow faster than those in developed markets. The key is finding quality companies at reasonable prices in growing economies."

    Source: Templeton's Way with Money (2012)

    Find quality companies in growing emerging markets.

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31. "Those who give generously receive more than they give. True wealth is measured not by what you accumulate but by what you give back."

    Source: Templeton's Way with Money (2012)

    Give generously and receive more in return.

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

    Source: Templeton's Way with Money (2012)

    Never stop learning in all areas.

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33. "Success in investing requires not superior intellect but superior character: patience, discipline, and the courage to act against the crowd."

    Source: Templeton's Way with Money (2012)

    Character matters more than intelligence in investing.

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34. "To get the best returns, search for companies worldwide with the lowest price-to-earnings ratios and the best growth prospects."

    Source: Templeton's Way with Money (2012)

    Search globally for low P/E with high growth.

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35. "My approach has always been to look for companies whose stock is selling for less than its true worth. Like finding ten-dollar bills selling for five dollars."

    Source: Templeton's Way with Money (2012)

    Buy stocks selling well below their true value.

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36. "The stock that everyone is talking about is usually the most overpriced. The best values are found in the forgotten corners of the market."

    Source: Templeton's Way with Money (2012)

    Avoid popular stocks; seek forgotten ones.

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37. "The four most dangerous words in investing are 'this time it's different.' Fear and greed always drive markets to extremes."

    Source: Templeton's Way with Money (2012)

    Don't believe 'this time it's different.'

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38. "Successful investing requires emotional discipline. You must be willing to stand alone against the crowd when your analysis says the crowd is wrong."

    Source: Templeton's Way with Money (2012)

    Stand alone when your analysis contradicts the crowd.

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39. "The time of maximum optimism is the best time to sell, and the time of maximum pessimism is the best time to buy. This is the essence of understanding Mr. Market."

    Source: Templeton's Way with Money (2012)

    Maximum optimism is the best time to sell.

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40. "Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. Know where you are in the cycle."

    Source: Templeton's Way with Money (2012)

    Understand which stage of the market cycle you're in.

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41. "Stock prices fluctuate much more than values. Most people get confused between the price of a stock and its value. Price is what you pay; value is what you get."

    Source: Templeton's Way with Money (2012)

    Price fluctuates far more than underlying value.

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42. "Invest for maximum total real return. Invest, don't trade or speculate. Remain flexible and open-minded about types of investment. Buy low, sell high. Have a systematic approach."

    Source: Templeton's Way with Money (2012)

    Follow systematic rules for investment success.

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43. "Begin each meeting with a prayer. Spiritual principles applied to investing lead to greater wisdom, patience, and humility — the foundations of good investment judgment."

    Source: Templeton's Way with Money (2012)

    Spiritual principles enhance investment wisdom.

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44. "Keep meticulous records of every investment decision, the reasoning behind it, and the outcome. This self-audit system is essential for improvement."

    Source: Templeton's Way with Money (2012)

    Record and review every investment decision systematically.

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45. "The time to sell is before the crash, not after. Sell when optimism is at its peak and better opportunities exist elsewhere."

    Source: Templeton's Way with Money (2012)

    Exit positions while optimism peaks, not after collapse.

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46. "It is impossible to produce superior performance unless you do something different from the majority. Be flexible in your approach."

    Source: Global Investing the Templeton Way (2008)

    Superior results demand differentiation from the majority approach.

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47. "Never buy a stock without thorough research. Know what you own and why you own it."

    Source: Investing the Templeton Way (2008)

    Thorough research is non-negotiable before any investment.

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48. "The only investors who shouldn't diversify are those who are right 100% of the time. For the rest of us, patience and diversification are key."

    Source: Templeton Foundation (1995)

    Diversification protects against the unknowable future.

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49. "An investor who has all the answers doesn't even understand the questions. Humility is essential for long-term success."

    Source: Templeton's writings (1997)

    True wisdom lies in recognizing the limits of knowledge.

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50. "If you want to have a better performance than the crowd, you must do things differently from the crowd."

    Source: Templeton Foundation (1990)

    Outperformance requires thinking and acting differently than consensus.

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51. "Search for value where others aren't looking. The best opportunities are often in the most unpopular sectors or countries."

    Source: Templeton's War-Time Investment Strategy (1939)

    Look for value in overlooked sectors and geographies.

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52. "The best bargains are often in countries that other investors have abandoned. Think globally, not just domestically."

    Source: Templeton Growth Fund Annual Report (1954)

    Abandoned markets offer the greatest value opportunities globally.

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53. "The four most dangerous words in investing are: 'This time it's different.' Markets cycle. Human nature doesn't change."

    Source: Templeton Foundation records (1990)

    Assuming "this time is different" leads to catastrophic losses.

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54. "Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy."

    Source: Templeton's speeches and Templeton Foundation (1994)

    Market cycles are driven by emotion, not fundamentals alone.

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