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Lauren Templeton, in her most recent commentary - The Maximum Pessimism Report - on the state of the current investing landscape, spoke about the importance of remaining calm while in the eye of the storm. Economies go through cycles due many factors one of which is the spread of epidemics, but usually through the will of people to survive and to build a future economies do recover. In times of stress therefore, having the depth of character and holding companies with strong balance sheets are critical to staying in the game and to take advantage of investment opportunities while prices are low.
This kind of investing approach harkens back to the philosophy of Benjamin Graham and further developed by Warren Buffet and Sir John Templeton. Warren buffet said it best when he spoke about the the type of business to own and mettle of the investor:
The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.
Below we have uploaded a copy of the report:
The following podcast gives an idea as to how some investment managers, particularly Franklin Templeton Investments, are thinking about the current economic environment. In summary investors are expecting continued low rates and particularly sharp recession.