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Death of Sir John Templeton

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Pronto

Pronto

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A 'great' of the investment industry, and noted philanthropist, Sir John Templeton, died this week in the Bahamas at the age of 95. He provided the first international managed fund in 1954 and was described by Time as, 'arguably the greatest global stock picker of the century.'

He was a billionaire, and his annually-awarded Templeton Prize is now worth $US1.6 million and is guaranteed to always surpass the Nobel Prize in monetary value. Mother Teresa of Calcutta won the first Templeton Prize in 1973.

It was won by an Australian, Charles Birch, the geneticist and theologian in 1990, and the theoretical physicist, Paul Davies, formerly of the University of Adelaide and Macquarie University, in 1995.

An obituary is at:
http://www.latimes.com/news/obituaries/la-me-templeton9-2008jul09,0,5713354.story
 
Principles For Successful Investing

The Templeton Touch by William Proctor

1. There is only one long term investment objective, maximum total after tax return.

2. Success requires study and work. It's harder than you think.

3. Outperforming the majority of investors requires doing what they are not doing.

4. Buy when pessimism is at its maximum, sell when optimism is at its maximum.

5. Therefore, buy what most investors are selling.

6. Buying when others have despaired, and selling when they are full of hope, takes fortitude.

7. Bear markets aren't forever. Prices usually turn up a year before the business cycle hits bottom.

8. Popularity is temporary. When a sector goes out of fashion, it stays out for many years.

9. In the long run, stock index prices fluctuate around the EPS trend line.

10. Stock index earnings fluctuate around replacement book value for the stocks in the index.

11. Buy what other people buy and you will succeed or fail as other people do.

12. Timing: buy when short term owners have finished selling and sell when they've finished their buying, always opposing the fashion.

13. Stock prices fluctuate more than values. So stock indexes will never produce the best total return performance.

14. Focus on value because most investors focus on outlooks and trends.

15. Invest worldwide.

16. Stock price fluctuations are proportional to the square root of the price.

17. Sell when you find a much better bargain to replace what you are selling.

18. When your method becomes popular, switch to an unpopular method.

19. Stay flexible. No asset or method is forever.

20. Stock market investing takes more skill than any other kind of investing.

21. A person can outperform a committee.

22. If you begin with prayer, you will think more clearly and make fewer mistakes.
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