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Buying at the Point of Maximum Pessimism: Six Value Investing Trends from China to Oil to Agriculture
- By Scott Phillips, Lauren Templeton
- Published May 5, 2010 by FT Press.
- Copyright 2010
- Dimensions: 6 X 9
- Pages: 288
- Edition: 1st
- Book
- ISBN-10: 0-13-703849-6
- ISBN-13: 978-0-13-703849-7
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Product Author Bios
D. Scott Phillips, Jr. is a portfolio manager and principal with Lauren Templeton Capital Management, LLC, an alternative and traditional asset management firm. Before joining Lauren Templeton Capital Management, LLC, in 2007 Scott spent four years as a research analyst and consultant to Green Cay Asset Management, where he was the 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 co-authored Investing the Templeton Way. He currently authors a quarterly newsletter, The Maximum Pessimism Report, which is distributed globally.
“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!
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9 of 9 people found the following review helpful
Charles Mackay would love this book!,
This review is from: Buying at the Point of Maximum Pessimism: Six Value Investing Trends from China to Oil to Agriculture (Hardcover)
Buying at the Point of Maximum Pessimism begins as an enjoyable, logical and thoughtful debunking of The Great Recession. If Charles Mackay were writing his book, "Extraordinary Popular Delusions and the Madness of Crowds," present day I am certain he would turn to Phillips to write about the housing bubble and the consumer's debt burden. As a professional in Institutional Finance I believe this book sheds light on the economy at present and in recent past in an intelligent, digestible manner and does not get lost in the mire of financial nomenclature. Phillips' ability to "set the stage" serves as an excellent back-drop to his institutional quality investment ideas that populate the second half of the book.The true gem in this book is not simply well defined investment ideas, but rather the thought process of how the ideas were obtained. If one can read and understand the author's viewpoint and embrace the interpretation of Globalization going forward, then the art of... Read more
13 of 18 people found the following review helpful
Book not about Buying at the Point of Maximum Pessimism, By
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This review is from: Buying at the Point of Maximum Pessimism: Six Value Investing Trends from China to Oil to Agriculture (Hardcover)
This book is about investment themes based on macro-economic forecasts dealing with energy, food, water, certain rare earth elements, etc. The book is not enough about how and when to buy these assets at the point of maximum pessimism.The first part of the book is about the financial meltdown and is also not enough about the point of maximum pessimism. Since the book is not about "Buying at the Point of Maximum Pessimism", I was very disappointed. If the book had a different title, I still feel those subjects are adequately discussed elsewhere, except perhaps for the subject of investing in rare earths. Also, the review of the financial meltdown added little if anything new to my understanding of the course of events. One part I did enjoy is on pages 50-52, which is a memorandum by the late John Templeton forecasting the financial collapse. I believe the subject of "Buying at the Point of Maximum Pessimism" is worthy of a book; I hope someone... Read more
2 of 2 people found the following review helpful
Fantastic Read,
This review is from: Buying at the Point of Maximum Pessimism: Six Value Investing Trends from China to Oil to Agriculture (Hardcover)
Wow, what a great book! The detailed yet concise explanation and summation of the subprime crisis and how we have gotten to where we are now is exceptional. Very educational and witty leading up to the sound and prudent investing ideas in the second half of the book. Forget the latest "stock of the week" TV craze and read this book to guide you toward the solid value investments of the future.
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Online Sample Chapter
Buying at the Point of Maximum Pessimism: A Rare Opportunity
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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