I thought it would be good to tap into the mega-collection of quotes I’ve amassed over my years of reading investment books and newsletters. I hope to give you all inspiration for continuing the battle for stock market profits. To kick off this new feature, I’m turning to someone who accumulated an out-sized amount of capital over his career, Sir John Templeton.
John was a fund manager who entered the mutual fund world and created the Templeton Growth Fund. The growth fund was in reality a value investing fund. John would target stocks that he believed were undervalued by the market and held them for an average of 4 years. During that time many would rise to fair market value. He stressed the importance of combing through overlooked and unloved sectors. The growth fund was purchased by Franklin Resources for a cool $913 million in 1992. It is now called Franklin Templeton and has $1.4T in assets under management (AUM). Money magazine named John “arguably the greatest global stock picker of the century” in 1999.
As I embark on a similar path to John’s (searching for unloved sectors and finding businesses undervalued by the market), I thought it appropriate to let him start this series.
Bull markets are born in pessimism, grow on skepticism, mature in optimism, and die in euphoria.