Buying at the Point of Maximum Pessimism: Six Value Investing Trends from China to Oil to Agriculture

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More About This Book

Overview

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!

Product Details

  • ISBN-13: 9780137038497
  • Publisher: FT Press
  • Publication date: 5/25/2010
  • Pages: 266
  • Sales rank: 1,167,501
  • Product dimensions: 6.00 (w) x 9.00 (h) x 1.10 (d)

Meet the Author

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.

Table of Contents

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

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