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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.”-Sir John Templeton

Called the “greatest stock picker of the century” by Money magazine, legendary fund manager Sir John Templeton is revered as one of the world's premiere value investors, widely known for pioneering global investing and out-performing the stock market over a five-decade span. Investing the Templeton Way provides a never-before-seen glimpse into Sir John's timeless principles and methods.

Beginning with a review of the methods behind Sir John's proven investment selection process, Investing the Templeton Way provides historical examples of his most successful trades and explains how today's investors can apply Sir John's winning approaches to their own portfolios. Detailing his most well-known principle investing at the point of maximum pessimism- this book outlines the techniques Sir John has used throughout his career to identify such points and capitalize on them.

Among the lessons to be learned:

Discover how to keep a cool head when other investors overreact to bad news

Become a bargain stock hunter like Sir John-buy the stocks emotional sellers wish to unload and sell them what they are desperate to buy

Search worldwide to expand your bargain inventory

Protect your portfolio from yourself through diversification

Rely on quantitative versus qualitative reasoning when it comes to selecting stocks

Adopt a virtuous investment strategy that will endure in all market conditions

Foreword

Chapter 1 The Birth of a Bargain Hunter

Chapter 2 The First Trade in Maximum Pessimism

Chapter 3 The Uncommon Common Sense of Global Investing

Chapter 4 The First to Spot the Rising Sun

Chapter 5 The Death of Equities or the Birth of a Bull Market?

Chapter 6 No Trouble to Short the Bubble

Chapter 7 Crisis Equals Opportunity

Chapter 8 History Rhymes

Chapter 9 When Bonds Are Not Boring

Chapter 10 The Sleeping Dragon Awakens

Afterword

Lauren Templeton

Lauren C. Templeton is the sole owner of Lauren Templeton Capital Management, LLC. She is the founder and Chairman of the Southeastern Hedge Fund Association, Inc.

Scott Phillips

Scott Phillips is the lead analyst and portfolio manager of the Lauren Templeton Global Maximum Pessimism Fund.

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约翰总给我们讲他和他第一任妻子在婚后不久搬到纽约的事情。为了开创他的投资事业，他们当时约定把他俩收入的一半存起来。每进账1美元，其中50美分存起来，另外50美分拿去投资。为了保证这种高比例储蓄，他和妻子朱迪丝费尽心思想了各种办法。搬进他们在纽约的第一所不带家具的公寓后，他俩立刻开始在报纸上仔细搜索家具拍卖和房地产买卖的广告信息。到他们把带有五个房间的公寓全部配齐家具时，总共只花了25美元（供好奇的读者参考，这相当于2006年的大约351美元）。他们还发动朋友一起搜寻便宜货，甚至包括市内各处的特价套餐，目的就是只花5毛钱（相当于2006年的7.03美元）吃一顿饭。

约翰和妻子就这样成了顶尖的便宜货猎手。他们的猎取行动与其说是购买便宜货的过程，倒不如说是搜索便宜货的过程。约翰最满意的交易直译是，只花5美元就买到了一张价值200美元的沙发床。由于当时的经济还未完全走出大萧条的阴影，他们因此得以利用了人们的破产和各种几乎没有出价者关注的拍卖会。几年之后，他们的长子杰克出生了，约翰和朱迪丝又把家搬到了新泽西州的恩格尔伍德镇。他们用5000美元现金买下了一所住宅，这所住宅5年以后被他们以17000美元高价卖掉了。为了满足你的好奇心，解释一下：这相当于在短短5年时间内，他们的复合收益率达到了28%。在不包括他的股票投资收益的情况下，这样的收入还算可观吧。在以上的种种投资中，约翰惯用的一个基本原则是：买任何东西都务必用现金支付，这样的话你就永远是利息的受益者，而不是利息的支付者。这条原则对他一生影响极为重大。他一生当中就从未借过抵押贷款，从不借钱买车，即使在经济不景气的时期，他也总是有充足的积蓄助他渡过难关。

To buy when others are despondently selling and to sell when others are avidly buying requires the greatest of fortitude and pays the greatest ultimate reward.

Bull markets are born on pessimism, grow 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.

在管理邓普顿基金的漫长岁月里，他总是拿着一份证券“愿望清单”，单子上的证券代表着那些他认为运作良好，但市场价格过高的公司。进一步说，如果由于某种原因出现的市场大抛售导致他愿望清单上的股票价格下跌至他认为便宜的水平，他就会给自己的经纪人下长期订单购买那些股票。

约翰选择了一只共同基金，把它作为自己在不景气的韩国股市投资的主要工具之一。这一策略对所有的便宜货猎手来说——无论他来自哪个行业，有什么样的背景——都极具启发意义。

对真正的便宜货猎手来说，没有必要在每种情况下都深入挖掘买入个股，当所有人都对某个市场避之唯恐不及，而你却在这个极度悲观点进行投资的时候，尤其如此。

怎样才能识别并避免购买故事股？在这种情况下，记住，数字永远不会撒谎。看一下股票价值除以每股销售额、每股收益或每股票面价值后所得的结果。如果计算出的这个数字比它竞争对手的数字或与之相关的股市指数高很多，那么这就很可能是过分受追捧的股市股。尽管如此，也别完全相信我们的话。有一项在过去50年里一直持续进行的研究通过观察证实，购买那些股票对销售额比率偏高、价格对收益比率偏高或价格对票面价值比率偏高的股票，从长远来看是糟糕的投资。

书籍介绍

“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.”-Sir John Templeton

Called the “greatest stock picker of the century” by Money magazine, legendary fund manager Sir John Templeton is revered as one of the world's premiere value investors, widely known for pioneering global investing and out-performing the stock market over a five-decade span. Investing the Templeton Way provides a never-before-seen glimpse into Sir John's timeless principles and methods.

Beginning with a review of the methods behind Sir John's proven investment selection process, Investing the Templeton Way provides historical examples of his most successful trades and explains how today's investors can apply Sir John's winning approaches to their own portfolios. Detailing his most well-known principle investing at the point of maximum pessimism- this book outlines the techniques Sir John has used throughout his career to identify such points and capitalize on them.

Among the lessons to be learned:

Discover how to keep a cool head when other investors overreact to bad news

Become a bargain stock hunter like Sir John-buy the stocks emotional sellers wish to unload and sell them what they are desperate to buy

Search worldwide to expand your bargain inventory

Protect your portfolio from yourself through diversification

Rely on quantitative versus qualitative reasoning when it comes to selecting stocks

Adopt a virtuous investment strategy that will endure in all market conditions