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[转贴] Sir John Templeton终年95岁

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发表于 2008-7-9 09:26:39 | 显示全部楼层 |阅读模式
Sir John Templeton

Last Updated: 1:38AM BST 09/07/2008
Sir John Templeton, who has died aged 95, was a legend in the world of fund management and invested much of his multi-million pound fortune in promoting spiritual and religious progress.

Templeton boasted one of the longest and most successful track records on Wall Street. From its foundation in 1954, his Templeton Growth Fund grew at an astonishing rate of nearly 16 per cent a year until Templeton’s retirement in 1992, making it the top performing growth fund in the second half of the 20th century.

A $100,000 stake invested in 1954 would, with distributions reinvested, would have grown to $55 million in 1999.

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The Templeton formula was simple in theory, though not easily achieved in practice.

He looked for bargains — shares selling well below their asset values due to temporary circumstances — and would usually hold on to them for five years or more until they reached what he considered to be their true worth.

It was an approach that required rigorous research and determination not to be swayed by the fashions of the moment.

While other American tycoons made their fortunes buying American stocks, Templeton looked at the opportunities offered by emerging markets around the world.

He was one of the first to invest in post-war Japan, and one of the first to sell Japanese stocks in the mid-1980s before the bear market set in.

Templeton once described his speculative activities as a “ministry”, and saw the workings of the money market as part of God’s plan for His creation.

His Bible-belt religiosity appealed to small investors in middle America, and they entrusted him with their savings.

He also developed a cult following among other fund managers; even after his retirement, his off-the-cuff observations about stockmarket trends could move the market.

Templeton went on to found other successful investment funds such as Templeton World Fund. But in 1992 he sold the Templeton Funds to the Franklin Group for $440 million, a move which freed him to devote his time to the work he considered really important — the promotion of religion and spirituality.

Templeton believed in the possibility of religious as well as scientific advance, and argued that theologians should match the achievements of science with spiritual research, harnessing the tools of science to make “progress”.

From the 1970s onwards he devoted increasing amounts of his time and money to improving the world’s “spiritual wealth”.

In 1973 he inaugurated the Templeton Prize for Progress in Religion, an annual award to remedy the Nobel Foundation’s omission of religion from its prizes.

A brilliant publicist, Templeton guaranteed that his prize would always be worth more than the Nobel, and arranged for the Duke of Edinburgh to present the award at Buckingham Palace, thus ensuring full press coverage.

From 1973, when it stood at £70,000, the prize money has risen to £820,000, making the Templeton Prize one of the world’s largest annual monetary awards.

Winners over the years have included Mother Teresa of Calcutta, Alexander Solzhenitzyn, the Reverend Dr Billy Graham, and Charles Colson, the Watergate-burglar-turned-minister. Buddhists, Muslims, Hindus and Jews also qualified to win the prize.

But this was only a drop in the ocean of Templeton’s philanthropy. He endowed university courses in spirituality and science, funded medical schools to run classes on healing and spirituality, and rewarded universities and individuals that upheld “traditional educational values”, schools that promoted “character development” and colleges that taught market economics.

There were also Templeton Prizes for “Inspiring Movies and TV” and for “Exemplary Papers in Humility Theology”.

Templeton also funded one-off projects looking into such questions as the relationship between prayer and longevity and how meditation alters brain activity.

An Anglophile from his student days at Oxford, Templeton later took British citizenship, and during the 1980s, appalled at the drop in the level of churchgoing, he established four annual prizes in religion specifically for the British people.

On a more secular level, in 1985 he gave more than £4 million to the Oxford Centre for Management Studies to help raise professional standards in British management.

It was one of the biggest endowments ever made to a British educational establishment at that time, and the centre was subsequently incorporated into the university as Templeton College.

The John Templeton Foundation, established in 1987, currently has an endowment of some $1.5 billion and disburses some $70 million in grants annually, largesse which illustrated the lessons of Templeton’s favourite parable — that of the Talents: “The more we give away, the more we have left” was his paraphrase.

John Marks Templeton was born on November 29 1912 at Winchester, Tennessee, the son of a small town lawyer and cotton merchant. Brought up strictly as a Presbyterian, aged 15 he became superintendent of his local Sunday school.

A bright boy, Templeton won a place at Yale to read Economics; but during his second year his father lost most of his money and could no longer afford to pay the fees.

Determined to continue his studies somehow, John Templeton raised money by winning prizes and scholarships, and by founding a student newspaper in which he sold advertising space.

By the end of his course he was the top scholar at Yale and had won a Rhodes Scholarship to study Law at Balliol College, Oxford.

The Depression was still casting its pall when Templeton graduated from Oxford in 1937 and returned to America.

He got a job on Wall Street with a company that would become part of Merrill Lynch, but before long he was spotted by a Texas oil magnate who appointed him his finance director.

At the same time Templeton began dabbling on the stock market on his own account. In 1939, calculating that war would kick America out of depression, he ordered his stockbroker to buy $100 worth of all the stocks selling at under $1 a share, including the bankrupt ones. Within four years his $10,000 investment had become $40,000.

In 1940 he took over a company managing $2 million a year. By the time he sold it in 1967 it was managing $400 million.

During the 1950s and 1960s, working 80 hours a week, he built up a number of successful investment funds. In 1963 he moved from New York to Nassau, in the Bahamas, where he took British citizenship and continued to work 60-hour weeks until he was well into his eighties.

Templeton’s habit was to start his mutual fund’s annual meetings with a prayer. He believed that if a business was not ethical “it will fail, perhaps not right away, but eventually”.

He wrote or edited some 10 books about religion and spirituality.In Worldwide Laws of Life (1998) he set out 200 spiritual and ethical principles for leading a “sublime life”. Drawing on sources ranging from Thomist canon law to modern “how to be successful” manuals, he included such aphorisms as “Every ending is a new beginning” and “What the mind can conceive, it may achieve”.

Readers who could suggest a new law for subsequent editions were offered $1,000; those willing to teach a course about Worldwide Laws would qualify for $10,000.

A lean spare figure, always immaculately dressed and with perfect southern manners, Templeton radiated urbane unflappability and it sometimes seemed that nothing could dent his irrepressible optimism. Yet he had known tragedy.

In 1950 his first wife, Judith, whom he had married in 1937, died in a cycling accident, leaving him to bring up their three young children. He remained a widower for eight years.

Then, one day, one of his sons was invited to tea with a playmate whose mother, Irene Butler, had recently been widowed. Two years later, in 1958, they married. Irene died in 1993.

John Templeton was knighted in 1987 for services to charity.

He is survived by two sons of his first marriage; his daughter predeceased him.
发表于 2008-7-9 09:48:35 | 显示全部楼层
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发表于 2008-7-9 09:55:28 | 显示全部楼层
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发表于 2008-7-9 10:24:21 | 显示全部楼层


约翰‧邓普顿(John Templeton) 全球投资之父 、史上最成功的基金经理
  邓普顿爵士是邓普顿集团的创始人,一直被誉为全球最具智慧以及最受尊崇的投资者之一。福布斯资本家杂志称他为"全球投资之父"及"历史上最成功的基金经理之一"。虽然邓普顿爵士已经退休,不再参与基金的投资决策,但他的投资哲学已经成为邓普顿基金集团的投资团队以及许多投资人永恒的财富。


约翰·邓普顿生平简介

  约翰·邓普顿出生于田纳西州,家境贫寒。但凭借优异的成绩,他依靠奖学金完成在耶鲁大学的学业,并在1934年毕业是取得耶鲁大学经济学一等学位。之后,他在牛津大学继续深造,获得罗德斯奖学金,并在1936年取得法学硕士学位。重返美国后,他在纽约的Fenner & Beane工作,也就是如今美林证券公司的前身之一。
  邓普顿在1937年,也就是大萧条最低迷的时候成立了自己的公司 - Templeton, Dobbrow & Vance。公司取得了相当大的成功,资产规模也迅速增长到了$3亿,旗下拥有8支共同基金。1968年,公司更名为Templeton Damroth并被转售。同年,邓普顿在巴哈马的拿骚,再次建立了自己的邓普顿成长基金。
  在之后的25年中,邓普顿创立了全球最大最成功的坦普顿共同基金集团,1992年他将坦普顿基金卖给富兰克林集团。1999年,美国《Money》杂志将邓普敦誉为“本世纪当之无愧的全球最伟大的选股人”。由于常年居住在巴哈马,邓普敦自然成为英国公民,并受到伊丽莎白二世的青睐,于1987授予其爵士爵位以表彰其功绩。其受勋的成就之一,即颁发世界上奖金最丰厚的邓普顿奖,自1972年起,每年颁发给在信仰上贡献卓著者。
  退休之后,他通过自己的约翰·邓普顿基金开始活跃于各类国际性的慈善活动。自1972年起,该基金每年重奖在人文和科学研究上有卓著贡献之士,这既是世界上奖金最丰厚的邓普顿奖。


约翰·邓普顿的投资风格——逆向投资

  作为上个世纪最著名的逆向投资者,邓普顿的投资方法被总结为:“在大萧条的低点买入,在互联网的高点抛出,并在这两者间游刃有余。”
  他的投资风格可以这样归总:寻找那些价值型投资品种,也就是他说的“淘便宜货”。放眼全球,而不是只关注一点。邓普顿的投资法宝是:“在全球范围寻找低价的、长期前景良好的公司作为投资目标。”
  作为逆向价值投资者,邓普顿相信,完全被忽视的股票是最让人心动的便宜货------尤其是那些投资者们都尚未研究的股票。就这点而言,他相比其他投资者的优势是,他居住在巴哈马的Lyford Cay,那里是全世界成功商务人士的俱乐部。
  邓普顿发现,Lyford Cay的氛围更加轻松惬意,人们更容易交流彼此的想法、心得。相形之下,华尔街的气氛就非常功利,也限制了人们的沟通。就象传奇投资者菲利普·费雪一样,邓普顿也发现了交际的价值,他也通过这个方法来获取全球相关投资领域的信息。


约翰·邓普顿的企业分析要点

本益比
营业利益率
清算价值
营盈成长稳定性:如果某公司的盈余有一年挫退,或许没关系。但如果连续两年表现不佳,就须抱以怀疑的态度。
弹性是中心守则:在每件事都进行的特别好时,你必须准备进行改变。当整个循环与你的估算相吻合的天衣无缝时,应是准备获利了结。
别信赖任何的原则和公式:任何定理都有可能在一夕之间被打破

约翰·邓普顿15条投资法则
 

       约翰·邓普顿被喻为投资之父,这不仅在于他的91岁高龄,还因为他是价值投资的模范,以及让美国人知道海外地区投资的好处,开创了全球化投资的先河。邓普顿自1987年退休之后,全身心投入传教事业中,还著书立说发表自己的人生哲理,将其投资法则归纳为15条。
  1、信仰有助投资:一个有信仰的人,思维会更加清晰和敏锐,犯错的机会因而减低。要冷静和意志坚定,能够做到不受市场环境所影响。 谦虚好学是成功法宝:那些好像对什么问题都知道的人,其实真正要回答的问题都不知道。投资中,狂妄和傲慢所带来的是灾难,也是失望,聪明的投资者应该知道,成功是不断探索的过程。
  2、要从错误中学习:避免投资错误的惟一方法是不投资,但这却是你所能犯的最大错误。不要因为犯了投资错误而耿耿于怀,更不要为了弥补上次损失而孤注一掷,而应该找出原因,避免重蹈覆辙。
  3、投资不是赌博:如果你在股市不断进出,只求几个价位的利润,或是不断抛空,进行期权或期货交易,股市对你来说已成了赌场,而你就像赌徒,最终会血本无归。
  4、不要听“贴士”:小道消息听起来好像能赚快钱,但要知道“世上没有免费的午餐”。
  5、投资要做功课:买股票之前,至少要知道这家公司出类拔萃之处,如自己没有能力办到,便请专家帮忙。
  6、跑赢专业机构性投资者:要胜过市场,不单要胜过一般投资者,还要胜过专业的基金经理,要比大户更聪明,这才是最大的挑战。
  7、价值投资法:要购买物有所值的东西,而不是市场趋向或经济前景。
  8、买优质股份:优质公司是比同类好一点的公司,例如在市场中销售额领先的公司,在技术创新的行业中,科技领先的公司以及拥有优良营运记录、有效控制成本、率先进入新市场、生产高利润消费性产品而信誉卓越的公司。
  9、趁低吸纳:“低买高卖”是说易行难的法则,因为当每个人都买入时,你也跟着买,造成“货不抵价”的投资。相反,当股价低、投资者退却的时候,你也跟着出货,最终变成“高买低卖”。
  10、不要惊慌:即使周围的人都在抛售,你也不用跟随,因为卖出的最好时机是在股市崩溃之前,而并非之后。反之,你应该检视自己的投资组合,卖出现有股票的惟一理由,是有更具吸引力的股票,如没有,便应该继续持有手上的股票。
  11、注意实际回报:计算投资回报时,别忘了将税款和通胀算进去,这对长期投资者尤为重要。
  12、别将所有的鸡蛋放在同一个篮子里:要将投资分散在不同的公司、行业及国家中,还要分散在股票及债券中,因为无论你多聪明,也不能预计或控制未来。
  13、对不同的投资类别抱开放态度:要接受不同类型和不同地区的投资项目,现金在组合里的比重亦不是一成不变的,没有一种投资组合永远是最好的。
  14、监控自己的投资:没有什么投资是永远的,要对预期的改变作出适当的反应,不能买了只股票便永远放在那里,美其名为“长线投资”。
  15、对投资抱正面态度:虽然股市会回落,甚至会出现股灾,但不要对股市失去信心,因为从长远而言,股市始终是会回升的。只有乐观的投资者才能在股市中胜出。


约翰·邓普顿的名言
  
       *An attitude of gratitude creates blessings.. Help yourself by helping others. You have the most powerful weapons on earth.. love and prayer.
  (天佑感恩之心,助别人就是帮助你自己,在地球上最强的武器就是爱与祈祷。)
  *The main focus in my life now is to open people's minds so no one will be so conceited that they think they have the total truth. They should be eager to learn, to listen, to research and not to confine, to hurt, to kill, those who disagree with them.
  (我生命中专注于开启他人的心灵让人们不自满的以为他们以了解地球上所有的真理。他们应该热心于倾听、研究、而不是封闭、伤害他们不认同的人。)
  * If you buy all the stocks selling at or below two times earnings, you will lose money on half of them because instead of making profits they will actually lose money, but you will only lose a dollar or so a share at most. Then others will be mediocre performers. But the remaining big winners will go up and produce fabulous results and also ensure a good overall result.
  * Before this century is over, the Dow Jones Industrial Average will probably be over one million versus around 10,000 now. So for the long-term, the outlook is tremendously bullish if you buy stocks blindly to keep for a century.
  (在世纪结束以前DJIA可能超过目前的万点,长期而言是个巨大的牛市,如果你愿意持续的买卖股票一世纪。)
  * How about no income tax at all on people over 65? People would continue working, remain healthier, not be an economic and social drain on society. Then the elderly would also have more disposable income to help charitable activities.
  (让65岁的退休人员免税如何?人们将继续工作,并更健康,而且更不会使得社会的资源枯竭,而老人也更愿意帮助社会。)
  * Buying when others have despaired, and selling when they are full of hope, takes fortitude. 这句话最有名,也是最为欣赏的一句话。
  (行情总在绝望中诞生,在半信半疑中成长,在憧憬中成熟,在希望中毁灭。)
来自"http://wiki.mbalib.com/wiki/%E7%BA%A6%E7%BF%B0%C2%B7%E9%82%93%E6%99%AE%E9%A1%BF"

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发表于 2008-7-9 10:26:46 | 显示全部楼层
永远怀念大师
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发表于 2008-7-9 12:49:20 | 显示全部楼层
怀念导师!
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发表于 2008-7-9 13:18:29 | 显示全部楼层
(作者自己自己修改一下)
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发表于 2008-7-9 13:51:16 | 显示全部楼层
悼念!!
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发表于 2008-7-9 14:36:04 | 显示全部楼层
永远怀念大师!
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发表于 2008-7-9 15:13:50 | 显示全部楼层
伟大的导师啊,真是没有想到,Templeton 的精神会永远在我们心中.
Templeton大师 的一些生平资料:http://en.wikipedia.org/wiki/John_Templeton
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发表于 2008-7-9 16:15:49 | 显示全部楼层
哀悼!
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发表于 2008-7-9 23:04:39 | 显示全部楼层
悼念!
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发表于 2008-7-10 06:42:42 | 显示全部楼层
悼念大师
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发表于 2008-7-14 15:20:49 | 显示全部楼层
提示: 作者被禁止或删除 内容自动屏蔽
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发表于 2008-7-14 17:26:48 | 显示全部楼层
大师这辈子到底赚了多少钱???
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发表于 2008-7-14 18:10:51 | 显示全部楼层
钱永远赚不完 重要的是理念
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发表于 2008-7-16 09:47:13 | 显示全部楼层
我心中永远的大师
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