Doug Casey on a Man Who Starved the Beast of $100 Million
Doug Casey on a Man Who Starved the Beast of $100 Million by Doug Casey – International Man
A Note From Nick Giambruno: John Templeton was one of the greatest stock pickers of the last century.
He began his fortune in a crisis market.
The year was 1939. The Great Depression was still on, and Nazi Germany had just invaded Poland and kicked off World War II.
In this environment of fear and pessimism Templeton, just a few years out of college, invested $10,000 in 104 US stocks selling for $1 or less.
Templeton figured that things couldn’t possibly get any worse. He knew that a double dose of fear had brought down the market and the US economy would eventually recover.
Four years later, his profits proved him right.
Templeton sold his portfolio for a 300% gain. It was the beginning of one of the largest investment empires in the world.
There’s another angle to Templeton’s story, though. One the media often overlooks or puts a negative spin on.
Unlike most Americans—then and now—Templeton had a global outlook on life and investing. He looked beyond artificial lines on a map to make the most of his personal freedom and financial opportunity. He was a true international man.
In 1962 Templeton renounced his US citizenship. He became a citizen of the Bahamas, which has no income tax.
Over time, the move prevented the State from stealing at least $100 million from him through taxation. It’s $100 million that would have otherwise gone to welfare, warfare, and other wasteful shenanigans.
Proponents of big government think he deserves condemnation. I think he deserves applause.
To honor the anniversary of Templeton’s death tomorrow, I’m sharing an obituary that Doug Casey wrote for him. I think you’ll find it insightful.