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Templeton didn't say what are saying he said.


Here is a quote from one of his newsletters… I took the liberty to bold the lines that spell it out (not once but twice).

From John Templeton’s September 21, 1948, letter:

“If the market continues to decline the long-range programs will call for purchasing more stocks at successively low levels. Of course, if there were any way to know for sure that the stock market would decline to 128 we would wait until then to make any purchases. In fact, we would go further than that and sell out the stocks now held in order to repurchase at the bottom. But the fact is that no one can possibly know for sure what the stock market will do. It is also possible that a long bull market may start immediately. If there were any way to know this for certain, we should immediately buy common stocks on margin at once. Here again, no one can possibly be sure what the stock market will do. The prudent and conservative policy is to follow a long-range program designed to profit from stock market cycles without the need for predicting either the timing or extent of such cycles. “

I’ve heard (and read) him say it many times in many different ways.
You can spin his words however you want.

Ok…I’m done with this topic.

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