If the stock market and the economy in general don't have you on edge this year, either you have an iron stomach or you haven't been paying attention. It's one of the toughest years I've seen in a quarter-century of investing. At such a time I am compelled to swim in the pool of value investing knowledge. I talk to other experienced contrarians, and I head to the bookshelf to revisit the writings of the giants of value investing.rnOne of them just died. Sir John Templeton launched his 70-year career at the beginning of World War II with $10,000 in borrowed money, which he audaciously invested in every stock trading for $1 or less on the New York Stock Exchange. This contrary move generated quick profits, and out of 104 companies, only 4 became worthless. It's a wonderful reminder of the difficulties and eventual rewards of diverging from the crowd.
展开▼
