Last Updated: 12:40PM BST 09/07/2008
Sir John Templeton, who has died aged 95, was a legend in the world of fund management and invested much of his multi-million pound fortune in promoting spiritual and religious progress.
Templeton boasted one of the longest and most successful track records on Wall Street. From its foundation in 1954, his Templeton Growth Fund grew at an astonishing rate of nearly 16 per cent a year until Templeton’s retirement in 1992, making it the top performing growth fund in the second half of the 20th century.
A $100,000 stake invested in 1954, with distributions reinvested, would have grown to $55 million in 1999.
My deepest impression about him: do not be afraid to buy stocks during war. The story practically lives in me, my strong inspirations to draw strength as our country went through the political turmoils last week.
In 1939, calculating that war would kick America out of depression, he ordered his stockbroker to buy $100 worth of all the stocks selling at under $1 a share, including the bankrupt ones. Within four years his $10,000 investment had become $40,000.
We are going to miss you Sir.