This book introduces six long-term investment themes that capitalize on market volatility by identifying opportunities during periods of maximum pessimism. It extends Sir John Templeton's investment philosophy to emerging global trends, providing a framework for investors to prepare for future market fluctuations.
This book provides insights into Sir John Templeton's timeless principles and methods, detailing his approach to investing at the point of maximum pessimism. It offers lessons on how to identify undervalued assets, maintain emotional detachment, and apply quantitative reasoning in stock selection. The book also explores Templeton's pioneering work in global investing and his ability to outperform the market over decades.
In Richer, Wiser, Happier, William Green draws on interviews conducted over twenty-five years with many of the world’s greatest investors. The book highlights that the most successful investors are mavericks and iconoclasts who question conventional wisdom and think rationally, rigorously, and objectively. They maximize their odds of long-term success in markets and life by drawing insights from diverse fields such as neuroscience, economic history, psychology, philosophy, and more. Green explains how these investors can teach us not only how to become rich but also how to improve our thinking, decision-making, risk assessment, and resilience, and how to turn uncertainty to our advantage.
Written by Benjamin Graham, 'The Intelligent Investor' is a seminal work on value investing that has inspired millions since its original publication in 1949. The book emphasizes the importance of distinguishing between investing and speculation, calculating the intrinsic value of companies, and maintaining a margin of safety. The revised edition includes updated commentary by Jason Zweig, who provides modern examples and insights to help readers apply Graham's principles in today's market. Warren Buffett, a disciple of Graham, has praised the book as 'the best book about investing ever written'.
On today’s episode, Clay is joined by Scott Phillips to discuss how to invest during times of max pessimism. Scott is married to and manages money with Lauren Templeton, who is Sir John Templeton’s great-niece. Sir John was one of the greatest international investors of the 20th century and the master of finding pockets of the market that were most distressed and offered the highest level of asymmetric returns.
Scott Phillips is a Principal and Chief Investment Officer at Templeton and Phillips Capital Management, LLC. Mr. Phillips also serves as a Managing Member to the Templeton and Phillips Partners Fund, LLC.
IN THIS EPISODE, YOU’LL LEARN:
00:00 - Intro.
03:02 - What helped Sir John Templeton think independently and have the courage to stray from the crowd.
10:01 - Sir John’s lessons living through the Great Depression.
15:24 - How Scott works to teach his children the values around money that Templeton embodied.
22:20 - The investment lessons that Scott learned from studying the career of Templeton.
35:09 - The three ways to generate excess returns in the markets.
43:48 - How Scott’s fund capitalized on the market panic in March 2020.
49:25 - Areas of the market Scott deems to be significantly undervalued.
56:30 - Why US investors should consider diversifying away from the dollar.
56:48 - Scott’s current thoughts on investing in China.
01:10:27 - How Scott thinks about shorting the occasional bubble in the market.
01:18:21 - Scott’s thoughts on continuing to be optimistic about the future.
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