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 一代宗师，Sir John Templeton passed away this week. |
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作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
A real reputation
Published: July 11 2008 19:08 | Last updated: July 11 2008 19:08
There was a stark contrast this week between the fresh evidence of fragile corporate reputations and the news that Sir John Templeton had died, aged 95, after decades as one of the most influential investors of the 20th century. His death is a moment to reflect on what makes a lasting legacy.
The central reason Sir John is widely remembered is his extraordinary success as a stock picker. In the wake of the Great Depression and on the eve of the second world war he had the confidence to invest in 104 stocks that he thought were undervalued: almost all of them came good. Then in the 1950s, he saw the opportunities for investing in Japan. He also knew when to get out, selling into the dotcom boom at the peak of the market. Any one of those decisions would have been enough to secure him a place of honour among those whose funds he managed and for whom he made so much money. The combination of such sound judgments over such a long period made him an outstanding figure.
Two subsidiary characteristics contributed to Sir John’s high standing. One was his gift for phrase-making. Stock market aphorisms count for little unless they are underpinned by above-average investment performance. But when words and actions come together, they powerfully reinforce each other. Sir John’s advice to buy when the streets run with blood will resonate with many potential investors now – provided that they are sure they know where the undervaluation lies. Equally, his dictum that “It’s different this time” are the four most expensive words in English will strike a chord with anyone who believed bankers’ claims to have taken the risk out of lending.
The second, more important, quality was his philanthropy. In 1972 Sir John established the Templeton prize for progress in religion, designed to award annually a sum larger than each of the Nobel prizes to someone at the forefront of spiritual innovation. He also set up the John Templeton Foundation, which gives grants of about $70m a year to study the links between science and religion.
Even those with reservations about this particular cause may find something refreshing in his support for answering “big questions” when so much state funding is focused on research with an immediate practical application. His endowment of an Oxford centre for management studies reflected a determination that business should not be a non-subject as it had been when he arrived at the university as a Rhodes Scholar in the 1930s.
So what are the lessons for today’s investment giants? Look to the long term. If you achieve great wealth it is better to share it. Being quotable is good, but being humble is better. As Sir John commented: “An investor who has all the answers doesn’t even understand the questions.”
作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 一代宗师，Sir John Templeton passed away this week. -- ceo/cfo - (2859 Byte) 2008-7-12 周六, 04:55 (860 reads)
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