John Templeton on idealism

The true idealist preaches not class hatred but universal love; not redistribute the wealth but multiply the wealth; not more regulation but more freedom; not security but opportunity. The true idealist is the missionary for individual freedom and competition.

~ John Templeton, January 1961

John Templeton on market timing

I never ask if the market is going to go up or down because I don't know, and besides it doesn't matter.  I search nation after nation for stocks, asking: 'Where is the one that is lowest-priced in relation to what I believe it's worth?'  Forty years of experience have taught me you can make money without ever knowing which way the market is going.

~ John Templeton

John Templeton on excuses

The person who really wants to do something finds a way; the other finds an excuse.

~ John Templeton

John Templeton on success

Success is a process of continually seeking answers to new questions.

~ John Templeton

John Templeton on business ethics

If a business is not ethical, it will fail, perhaps not right away but eventually.

~ John Templeton

John Templeton on poverty and wealth creation

The conditions in the world today and throughout history show that many nations and their people remain impoverished because they neglect the principles of wealth accumulation - or because of the flight of capital into safer places.  There are many examples of great poverty in otherwise rich lands, poverty arising because government alone owns almost all the wealth and neglects to stimulate entrepreneurship.  I have observed that encouraging individuals to accumulate wealth brings both prosperity to nations and happiness to workers.  That, I believe, is the major lesson in economics of the past.

~ John Templeton, Looking Forward: The Next Forty Years, 1993, pp 90-91

Lauren C. Templeton on investing and humility

An investor who has all the answers doesn’t even understand all the questions.  I am always suspicious of investors who offer certainty to every single investment question, as I feel it harms their credibility.  In my experience, seasoned and successful investors are intellectually humble and have no problem admitting that some answers cannot be known.

~ Lauren C. Templeton, "Opinion: What would Sir John do? How to use Templeton’s 16 rules for investment success in today’s stock market," MarketWatch.com, July 27, 2020

(Legendary investor John Templeton was Lauren Templeton's great uncle.)

John Templeton on the stages of a bull market

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

~ John Templeton

John Templeton on investing and the limits of knowledge

An investor who has all the answers doesn't even understand all the questions.

~ Sir John Templeton

John Templeton on the limits of computer models in the investment process

Despite the development of neural networks, expert systems, and other forms of exotic anthromorphic computer systems, it is unlikely that the component of human wisdom will be replaced in the investment process. Machines can be used to process hard data, but not human qualities such as greed, fear, or creativity. If we reflect on the fact that companies are really groups of people who manage assets and work with each other to create wealth; that they are intimately affected by other complex groups, politicians, local citizens, belligerent militarists, and so on; then it is clear that machines cannot adequately capture the complexity of these human conditions.

~ John Templeton, Looking Forward: The Next Forty Years, 1993, pp. 8-9

John Templeton on humility and knowledge

If we become increasingly humble about how little we know, we may be more eager to search.

~ John Templeton

John Templeton on the sentiment of bull markets

Bull-markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria.

~ John Templeton

John Templeton on the housing bubble (2004)

When I was young, in the three years after 1929, a high proportion of people lost their homes in foreclosure. It's likely to happen again. It's not abnormal. It's cyclical, and it will put pressure on all prices.

~ John Templeton, "An Investment Legend's Advice," Forbes, February 4, 2004

John Templeton on contrarian thinking

People are always asking me where is the outlook good, but that's the wrong question.... The right question is: Where is the outlook the most miserable?

~ John Templeton, investor, mutual fund pioneer, and philanthropist

John Templeton: A few of his least favorite things

• Being too optimistic about business ventures
• Relying on any one idea or concept in your investments
• Relying on borrowed money you use for your ventures and assuming that you won’t have to pay it back

~ John Templeton, investor, mutual fund pioneer, and philanthropist, "John Templeton: A Few of His Least Favorite Things," LilaRajiva.com, July 8, 2008, by Lila Rajiva

John Templeton on philanthropy

As a philanthropist, I feel that love can mean helping people discover their own abilities, including thrift, responsibility, and character.

~ Sir John Templeton

Kevin Duffy on legendary investor John Templeton and the futility of macro forecasting

I encourage everyone to read anything by John Templeton, whose track record spans over half a century. Templeton was the eternal optimist, but also had great contrarian instincts. For example, he pulled the plug on Japan in the late 1980s (early) after being a long-time bull. He bought after the Asian crisis of the late 1990s. He actually shorted tech stocks in 2000. Etc., etc.

As an investor, you have to have multiple arrows in the quiver and know which one(s) to pull out. “The futility of timing,” “the futility of macro forecasting,” and “don’t fight the Fed” are all rationales currently held in wide esteem. And there is still far too much optimism, despite what appears to be the onset of a serious deleveraging. People who dismiss macro forecasting – like Warren Buffett – are currently rock stars… perhaps a sign that we should be using this arrow right now.

~ Kevin Duffy, Bearing Asset Management, May 23, 2008

John Templeton on preparation

For those properly prepared in advance, a bear market in stocks is not a calamity but an opportunity.

~ Sir John Templeton