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Commentary

The Wisdom of Sages

Be humble, be alert, and stay the course.

Don Phillips

This article originally appeared in the second-quarter 2020 issue of Morningstar magazine.

My first investment experience was with the Templeton Growth Fund. My father introduced me to the fund, and we watched Sir John Templeton together when he appeared on Wall Street Week with Louis Rukeyser. I was impressed by Templeton's plain-spoken manner and his commonsense approach--he spoke about investing in terms that even I as a teenager could grasp. I was so impressed that I dug deeper, reading several books either by or about Templeton that made an indelible impression on me. I was taken aback by his insights and his occasional boldness, such as when he famously borrowed money to buy shares of every stock on the New York Stock Exchange trading at less than $1, betting that America would lead a global recovery and expansion after the horrors of World War II.

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