Buying at the Point of Maximum Pessimism
Six Value Investing Trends from China to Oil to Agriculture
1st Edition
Published on 5. May 2010
283 pages
978-0-13-708407-4 (ISBN)
Description
"Sir John's ability to comprehend complex concepts and distill these into money-making ideas for his investors was legendary. With this book, Scott Phillips extends Sir John Templeton's crystal clear vision to some of tomorrow's most interesting and powerful money-making opportunities. All readers should be prepared to learn-and profit!"
-Jeffrey Everett, Founding Partner, Everkey Global Partners
"The brilliant global investing strategy of Sir John Templeton finds new life in Scott Phillips' Buying at the Point of Maximum Pessimism. With the U.S. in trouble, savvy international investing is a must, and this book shows you the best places to put your money for serious profits ahead."
-Christopher Ruddy, CEO, Newsmax Media, Inc.
"In Buying at the Point of Maximum Pessimism, Scott Phillips delivers a road map to investment success traveled by the very few but guaranteed to lead you to enormous profits. The book offers a delightful, common sense approach to investing that unfortunately is not so common."
-Robert P. Miles, author, The Warren Buffett CEO
"If you want to mitigate your risks while leveraging your long-term sources for growth, read every page of this book and invest accordingly. In ten or twenty years you will look back and be thankful you did."
-Theodore Roosevelt Malloch, Ph.D., Research Professor, Yale University and CEO, The Roosevelt Group
Value Investing for the 2010s! Earn Consistent Long-Term Profits in a Radically New Market Environment
Legendary value investor Sir John Templeton knew the secret of earning consistent profits: In times of maximum pessimism, recognize what your long-term opportunities are-and be ready to pounce. This book shows you where today's long-term opportunities are, so you can earn outsized profits when the "herd" is running away in terror.
Lauren Templeton Capital Management's Scott Phillips identifies six powerful value investing themes for the 2010s: areas of long-term growth that become even more compelling in volatile or bear markets. This is value investing for the 2010s: a set of emerging opportunities you can profit from, while other investors are selling in fear!
-Jeffrey Everett, Founding Partner, Everkey Global Partners
"The brilliant global investing strategy of Sir John Templeton finds new life in Scott Phillips' Buying at the Point of Maximum Pessimism. With the U.S. in trouble, savvy international investing is a must, and this book shows you the best places to put your money for serious profits ahead."
-Christopher Ruddy, CEO, Newsmax Media, Inc.
"In Buying at the Point of Maximum Pessimism, Scott Phillips delivers a road map to investment success traveled by the very few but guaranteed to lead you to enormous profits. The book offers a delightful, common sense approach to investing that unfortunately is not so common."
-Robert P. Miles, author, The Warren Buffett CEO
"If you want to mitigate your risks while leveraging your long-term sources for growth, read every page of this book and invest accordingly. In ten or twenty years you will look back and be thankful you did."
-Theodore Roosevelt Malloch, Ph.D., Research Professor, Yale University and CEO, The Roosevelt Group
Value Investing for the 2010s! Earn Consistent Long-Term Profits in a Radically New Market Environment
Legendary value investor Sir John Templeton knew the secret of earning consistent profits: In times of maximum pessimism, recognize what your long-term opportunities are-and be ready to pounce. This book shows you where today's long-term opportunities are, so you can earn outsized profits when the "herd" is running away in terror.
Lauren Templeton Capital Management's Scott Phillips identifies six powerful value investing themes for the 2010s: areas of long-term growth that become even more compelling in volatile or bear markets. This is value investing for the 2010s: a set of emerging opportunities you can profit from, while other investors are selling in fear!
More details
Language
English
Place of publication
Boston
United States
Publishing group
Pearson Education (US)
Target group
College/higher education
ISBN-13
978-0-13-708407-4 (9780137084074)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Other editions
Additional editions
Scott Phillips | Lauren Templeton
Buying at the Point of Maximum Pessimism
Six Value Investing Trends from China to Oil to Agriculture
Book
06/2010
Financial TImes Prentice Hall
€21.07
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Persons
Scott Phillips is a principal and portfolio manager at Lauren Templeton Capital Management, LLC, an alternative and traditional asset anagement firm that invests based on the principles of the legendary value investor Sir John Templeton. Before joining the firm, he served as research analyst and consultant to Green Cay Asset Management, where he was lead research analyst on the Siebels Hard Asset Fund, a long/short equity hedge fund focused on hard assets and commodities. With Lauren C. Templeton, he coauthored Investing the Templeton Way. He currently writes the globally distributed quarterly newsletter, The Maximum Pessimism Report.
Content
Foreword . . . xiii
Acknowledgments . . . xv
About the Author . . . xvi
Introduction . . . 1
Chapter 1: The Fed Sentences the Consumer to Debtor's Prison . . .7
An Economic Recovery Built on Borrowed Money . . . 8
The Fed's Potion of Low Rates and Rising Home Prices Becomes an Economic Elixir . . . 14
A Chicken in Every Pot? Try a Hummer in Every Garage. . . 15
The Three Cs of Credit Give Way to Financial Innovation . . . 19
Chapter 2: The Biggest Gamblers Go "All In" on the Housing Bet . . .35
Trouble in Paradise . . . 37
The Canary Died Unheard from the Boardrooms, Yachts, and Golf Courses . . . 39
The Credit Bubble Draws in Every Last Bull . . . 46
Chapter 3: Financial Chaos . . . 53
The Crisis Moves from Subprime to Prime Time . . . 61
Chapter 4: Quis Custodiet Ipsos Custodes? . . . 71
An Alphabet Soup of Rescue Acronyms Will Save Us. . . 72
Strategy Number Two: Spend Our Way Out of a Spending Problem . . . 75
The Vestigial Effects of the Crisis Come into Focus . . . 79
The Visible Hand Is Coming into View, and It's All Thumbs . . . 92
Chapter 5: A New Landscape for Investors . . . 101
Entrepreneurialism Is Thriving in Many Key Emerging Markets. . . . 105
Crisis Is an Opportunity for Those in a Position to Seize the Opportunity. . . 111
The New Landscape . . . 113
Chapter 6: China: Ready for Prime Time . . . 117
A Culture Well Suited for Capitalism. . . 119
Putting Those Rainy-Day Savings to Work in the Worst Storm of the Past Century . . . 122
Urbanization Is the Growth Engine . . . 126
The Path Toward Consumerism and the Domestic Economy. . . 128
Prime-Time Products . . . 135
Chapter 7: Proteins and Agribusiness: Billions and Billions to Be Served . . .141
Where's the Beef (and Chicken and Pork, Too)? . . . 142
Eating Good in the Global Neighborhood . . . 146
Brazil Has the Competitive Advantages in Agribusiness. . . 152
Strong Fundamentals Across the Value Chain. . .161
Chapter 8: Formula for Success: Rise Early, Work Hard, Strike Oil . . .165
In the Long Term, Healthy Demand Meets Higher Cost Supply. . . 170
Market Distortions from the Fed's Loose Credit and Easy Money . . . 179
Seeking Alternatives in the Hydrocarbon Space. . . 191
Chapter 9: An All-Too-Common Tragedy . . . 201
Human Behavior Is Timeless . . . 202
Strong Demand Underscores the Overexploitation . . . 206
A Tragedy Leads to an Opportunity . . . 210
Chapter 10: What Happens When 700 Million Students Want Extra Help?. . .217
Spending on Education Takes Precedence in Many Emerging-Market Households. . . 220
The Role of Technology and Innovation . . . 223
10 Million Students Applying for 6 Million Spots in College-No Pressure . . . 225
Continuing Education. . . 227
Financial Crisis Portends Continued Growth in the Emerging-Market Education Services. . . 230
Education Plays and Their Fundamental Dynamics . . . 234
Chapter 11: A Rare Opportunity . . . 241
Demand for Global Technology Remains Strong. . . 242
It's Not Easy Being Green . . . 245
There Is Oil in the Middle East; There Are Rare Earths in China. . . 249
Index . . . 257
Acknowledgments . . . xv
About the Author . . . xvi
Introduction . . . 1
Chapter 1: The Fed Sentences the Consumer to Debtor's Prison . . .7
An Economic Recovery Built on Borrowed Money . . . 8
The Fed's Potion of Low Rates and Rising Home Prices Becomes an Economic Elixir . . . 14
A Chicken in Every Pot? Try a Hummer in Every Garage. . . 15
The Three Cs of Credit Give Way to Financial Innovation . . . 19
Chapter 2: The Biggest Gamblers Go "All In" on the Housing Bet . . .35
Trouble in Paradise . . . 37
The Canary Died Unheard from the Boardrooms, Yachts, and Golf Courses . . . 39
The Credit Bubble Draws in Every Last Bull . . . 46
Chapter 3: Financial Chaos . . . 53
The Crisis Moves from Subprime to Prime Time . . . 61
Chapter 4: Quis Custodiet Ipsos Custodes? . . . 71
An Alphabet Soup of Rescue Acronyms Will Save Us. . . 72
Strategy Number Two: Spend Our Way Out of a Spending Problem . . . 75
The Vestigial Effects of the Crisis Come into Focus . . . 79
The Visible Hand Is Coming into View, and It's All Thumbs . . . 92
Chapter 5: A New Landscape for Investors . . . 101
Entrepreneurialism Is Thriving in Many Key Emerging Markets. . . . 105
Crisis Is an Opportunity for Those in a Position to Seize the Opportunity. . . 111
The New Landscape . . . 113
Chapter 6: China: Ready for Prime Time . . . 117
A Culture Well Suited for Capitalism. . . 119
Putting Those Rainy-Day Savings to Work in the Worst Storm of the Past Century . . . 122
Urbanization Is the Growth Engine . . . 126
The Path Toward Consumerism and the Domestic Economy. . . 128
Prime-Time Products . . . 135
Chapter 7: Proteins and Agribusiness: Billions and Billions to Be Served . . .141
Where's the Beef (and Chicken and Pork, Too)? . . . 142
Eating Good in the Global Neighborhood . . . 146
Brazil Has the Competitive Advantages in Agribusiness. . . 152
Strong Fundamentals Across the Value Chain. . .161
Chapter 8: Formula for Success: Rise Early, Work Hard, Strike Oil . . .165
In the Long Term, Healthy Demand Meets Higher Cost Supply. . . 170
Market Distortions from the Fed's Loose Credit and Easy Money . . . 179
Seeking Alternatives in the Hydrocarbon Space. . . 191
Chapter 9: An All-Too-Common Tragedy . . . 201
Human Behavior Is Timeless . . . 202
Strong Demand Underscores the Overexploitation . . . 206
A Tragedy Leads to an Opportunity . . . 210
Chapter 10: What Happens When 700 Million Students Want Extra Help?. . .217
Spending on Education Takes Precedence in Many Emerging-Market Households. . . 220
The Role of Technology and Innovation . . . 223
10 Million Students Applying for 6 Million Spots in College-No Pressure . . . 225
Continuing Education. . . 227
Financial Crisis Portends Continued Growth in the Emerging-Market Education Services. . . 230
Education Plays and Their Fundamental Dynamics . . . 234
Chapter 11: A Rare Opportunity . . . 241
Demand for Global Technology Remains Strong. . . 242
It's Not Easy Being Green . . . 245
There Is Oil in the Middle East; There Are Rare Earths in China. . . 249
Index . . . 257
