LCTempleton
@LCTempleton
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President of Templeton & Phillips Capital Management, LLC. Co-author of Investing the Templeton Way and the Maximum Pessimism Report.
Lookout Mountain, TN
Joined May 2008
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Some takeaways from lunch with Peter Lynch. To build a rich life focus on family, community, and kindness.
#compoundingkindness
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“Spend each day trying to be a little wiser than you were when you woke up. Day by day, and at the end of the day-if you live long enough-like most people, you will get out of life what you deserve.” - Charles T. Munger
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One day I asked my uncle, John Templeton, about managing $ from the Bahamas. He said his returns improved when he relocated to the Bahamas. I asked him why. He said it was because he received the WSJ a few days after everyone else. Here he is reading WSJ at the North Pole.
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Flight home. Thanks
@MohnishPabrai
I let my father borrow it first, and he said the book is excellent.
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My highlighted passages from The Psychology of Money by
@morganhousel
. Thread below
1. The 401k - the backbone savings vehicle of American retirement - did not exist until 1978. The Roth Ira was not born until 1998. If it were a person it would be barely old enough to drink
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7 years ago at Fairfax AGM. Packing my bags today for the 2022 AGM
#FairfaxFinancial
#FairandFriendlyAcquisitions
@gspier
@mohnishpabrai
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Rest in peace Charlie Munger. Thank you for teaching us. We will remember all of your lessons. Invert!
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I entered the industry in 1998. It was the "new economy" and value was dead. It is worth going back and reviewing the fate of the dotcom era darlings. Today there are 718 stocks in the U.S trading at more than 20x sales. This time is not different!
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"To get a bargain price, you've got to look for where the public is most frightened and pessimistic."
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Berkshire Hathaway is tomorrow. I miss it. One of the best ways to teach kids about investing is through BRK and the AGM. This is my daughter at age 8.
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Remembering my daughter’s first trip to BRK AGM. Tiny shareholder!
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Thank
@MnkeDaniel
. Always great to rewatch.
Sir John Templeton annualized a 14% return over 38 years.
Yet I haven't seen an interview of him before this one.
It's from 1997 and full of life and investing lessons:
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A big thank you to
@southtree
for digitizing some VHS tapes we had of Sir John! We were able to preserve 16 videos!
*We have posted the rare videos on our Youtube Channel*
We hope you enjoy them as much as we do!
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India will be the No. 1 place in the world for FDI: Prem Watsa
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"The only investors who shouldn't diversify are those who are right 100% of the time."
-The Templeton Touch 1983
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A trillionaire! I keep a stack of these in my kitchen drawer…. A great reminder of the dangers of inflation. The last time I posted this I received several requests for purchase. I bought a huge stack years ago. The irony is that the bills generated a good investment return.
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Listen in on my conversation with Arnold Van Den Berg, a long-time investor with a proven, yet hard-earned skill to overcome adversity in both life and in the markets.
Tune in!
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These are great. My favorite, “I would rather throw a viper down my shirt than hire a compensation consultant.”
Some of the best of Charlie Munger:
“Every time you hear EBITDA, just substitute it with bullshit”. Absolute legend. 🐐
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Well this is exciting!
On
#WeStudyBillionaires
,
@TreyLockerbie
chats with special guest
@LCTempleton
. Her great uncle was Sir John Templeton, they discuss him & investing in the Templeton way in depth.
Listen:
Watch:
Transcript:
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A great podcast on contrarian investing. What is the contrarian move for 2024? Where is there Maximum Pessimism?
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Great theme for the weekend. Invest in yourself (and no I did not run the 5k. We flew out at 5:45 AM)
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For those curious about the recent market's rise, we found some help from the archives. Please enjoy this July 1954 letter from John Templeton to his clients, titled "Why have Stock Prices Risen?". It reads like it could have been written last week.
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Completed the triple crown of AGMs: Fairfax Financial, Berkshire Hathaway, Markel
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Berkshire Hathaway AGM 2022. Breakfast with Vitaliy Katsenelson celebrating his new book,Soul in the Game.
@vitaliyk
@phillips_scott
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New employee. Hybrid work policy. Had to provide snacks to get him to come into the office, and I keep catching him sleeping on the job.
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"If you fill your mind to capacity with thoughts that are good and productive, you won't have room for the bad ones." John Templeton
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I couldn’t have said it better myself! …. Oh wait!
A lot of people have the intelligence to be a good investor. Few have the temperament.
"If you're not good at controlling your emotions, you will never be a good investor."
- Lauren Templeton
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Thank you for the book by Morgan Housel and the beautiful card with tribute to your mother. Very touching! Happy Holidays,
@MohnishPabrai
@morganhousel
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8. "Pessimism just sounds smarter and more plausible than optimism. Tell someone that everything will be great and they're likely to either shrug you off or offer a skeptical eye. Tell someone they're in danger and you have their undivided attention."
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4. "Every job looks easy when you're not the one doing it because the challenges faced by someone in the arena are often invisible to those in the crowd."
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Long-term investing success is achieved by continuous evolution and challenging conventional wisdom.
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For those of you interested in our recent trip to Omaha, Nebraska for the Berkshire Hathaway AGM, I have linked a write-up about attending this event with children. The Pilgrimmage to Financial Literacy Leads to Omaha.
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At the beginning of sophomore year (1931) my father told me with regret that he could not contribute even one dollar more to my education. At first this seemed like a tragedy, but now, looking back, it was the best thing that could have happened. - John Templeton
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Missing India as I prepare to speak at the CFA Institute India 12th India Investment Conference. These pics are from 3 years ago with the famous Dabbawalas of Mumbai.
#CFASocietyIndia
#CFAinstitute
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This is inflation. Both advertise 107 loads. One has 160.5 FL OZ (1.25 Gal) and the other 144.5 FL OZ (1.12 Gal). Ten percent less and also comes with a price increase of about the same amount. Inflation is taxation without legislation. Silent regressive tax!
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7 yrs ago, I met a 10 yr old girl interested in finance. We have been pen pals ever since. She has just published her second book called Lighthouse: Women Leading the Way in Finance. I am so proud to have been a very small part of her journey. Congratulations
@findingmoats
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Lunchtime workout in my fave NYSE sweatshirt. My father bought it for me on a trip to Wall Street in the early 1980s. Many of you know my father has played a huge role in my life as an investor. He is a great
#girldad
. He never treated me like one! Don’t sell your daughters short
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I look forward to having
@WilliamGreen72
, author of Richer, Wiser, Happier on the Investing the Templeton Way podcast today. What questions do you have?
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Happy Birthday Sir John Templeton!! We miss you dearly and are forever grateful for you!
Enjoy this short story from Sir John -
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Sir John Templeton's investment philosophy was based on the idea that successful investing required discipline, patience, and a long-term outlook. Learn more at
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7. (Perhaps my favorite) "The formation of bubbles isn't so much about people irrationally participating in long term investing. They're about people somewhat rationally moving toward short-term trading to capture momentum that had been feeding on itself."
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10. "Progress happens too slowly to notice, but setbacks happen too quickly to ignore. There are lots of overnight tragedies. There are rarely overnight miracles."
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@dougboneparth
Really? I think it is a much more valuable experience to be poor, pile into an apartment with a bunch of roommates, eat ramen, pizza, and drink cheap wine. Go work a first job that you probably will not enjoy and figure it out. I miss those days in many ways....exciting!
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@kejca
Exactly. It really spoke to me. He wanted to talk more about family and charity than markets and $. It was very clear what he valued most.
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"A major cause of higher prices is higher prices; but when the trend is reversed, then lower prices lead to still lower prices." John Templeton
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"The best bargains are not stocks whose prices are down most, but rather those stocks having the lowest prices in relation to possible earning power of future years."
--Sir John Templeton (October 1957)
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We have launched our own YouTube channel today! Please go check it out and subscribe to our channel. We would greatly appreciate it. Happy bargain hunting!
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11. "Growth is driven by compounding which always takes time. Destruction is driven by single points of failure, which can happen in seconds, and loss of confidence, which can happen in an instant."
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Young couples have a great reason to skip these expensive weddings. Save/invest their money and elope! My father offered me the $ or the big wedding. I'll let you guess which one I chose.
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My father sticks a post-it note in every book he reads that includes the date he read the book and whether it is worth reading. Some notes refer to specific page numbers. This book is one of my favorites! His note says, "Well worth reading. I want this book back."
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The true idealist is the missionary for individual freedom and competition.
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I ❤️ to study stocks from the dotcom bust. Gadzoox produced hardware/software for the storage area network mkt. IPO was July 1999. Shares were priced at $21 & soared to $87 valuing the co at $1.97 BILLION. Filed for bankruptcy 2 yrs later sold to Broadcom for $5.8 MILLION!!!!
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@williamgreen72
Well... that is where patience plays a vital role. The best investors wait for the entire market to go on sale. During moments of Maximum Pessmism even quality firms with good growth prospects go on sale. The baby is thrown out with the bath water!
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From Barron’s - Tesla was recently valued at $1.25 MM per vehicle sold vs. $9k for GM 🤔
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Come to think of it..... seasoned value investors have understood the benefits of social distancing for years!
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"In all my years on Wall Street, I was never able to say when the mkt would go up or down. Nor was I able to find anybody on Earth whose opinion I would value on the subject of when it would go up and down." - John Templeton
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Please join us for an engaging conversation about Ben Watsa’s successful career as an investment manager as President and Founder of Marval Capital Ltd. ("Marval") and the principles that guide him. Listen here:
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"To buy when others are despondently selling and to sell when others are avidly buying requires the greatest fortitude and pays the greatest ultimate rewards." John Templeton
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Me teaching a group of young girls about delayed gratification, compound interest, and opportunity cost (just like my Dad taught me). Check out Get_FinLit on Instagram. I have partnered with a friend and as women in finance we are on a mission to close the financial literacy gap!
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We really enjoyed the most recent episode of the Investing the Templeton Way podcast w/
@WilliamGreen72
author of Richer, Wiser, Happier: How the World's Greatest Investors Win in Markets and Life. Co-host
@phillips_scott
.
#fintwit
#investing
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It is going to be OK. John Templeton always took a leadership position in times like these and calmed the public regarding the market. It makes me sad to see so many investing experts hysterical on TV. This is just exacerbating the market panic. We are buying by the way.
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"Successful investing is not an easy job. It requires an open mind, continuous study and critical judgment. Changes of trend occur when least expected. Policies profitable for the last ten years will not be best in the next ten."
-- Sir John M. Templeton (September 1959)
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Classic Munger on Bitcoin, "I'll show you something that in my life, I try and avoid things that are stupid and evil, and made me look bad in comparison with somebody else. And bitcoin does all three." He is never shy to share his opinion which is why we all love him!
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