There will always be bull markets followed by bear markets followed by bull markets
Interpretation
Market trends alternate between rising (bull) and falling (bear) phases.
John Templeton's quote reflects the cyclical nature of financial markets, suggesting that periods of growth and decline are a natural and inevitable aspect of investing. It encourages investors to remain patient and prepared for the fluctuations that occur over time, reinforcing the idea that both prosperity and adversity are temporary states in the realm of finance.
In practice
During an investment seminar to illustrate market behavior.
The correct description is that we try every day to become more humble when we talk about divinity, we try to realize how little we know and how open minded we should be. It's self centered to think that human beings, as limited as we are, can describe divinity.
Life is made up not necessarily of great sacrifices or high-level duties but of little things. The smiles, the kindnesses, the commitments and obligations and responsibilities that are given habitually and lovingly are the blessings that win and preserve the heart and bring comfort to one's self as we as to others. This is the ministry of service performed by every useful life.
The correct description is that we try every day to become more humble when we talk about divinity, we try to realize how little we know and how open minded we should be.
The objective of our religious foundations is to teach people that they are hurting themselves when they say they believe something. What we should realize is we know almost nothing about God and therefore we should be eager to search and to learn.
The idea that an individual can find God is terribly self-centered. It is like a wave thinking it can find the sea.
Three of my children are medical doctors; they know at least a hundred times as much about your body as my grandfather knew, but they don't know much more about soul than he did.
Finance is not merely about making money. It's about achieving our deep goals and protecting the fruits of our labor. It's about stewardship and, therefore, about achieving the good society.
By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.
Indeed, bull markets are fueled by successive waves of prior skeptics finally capitulating as their fears fade. Eventually, fear turns to euphoria, and that's the stuff of bubbles.
The average investor's return is significantly lower than market indices due primarily to market timing.
I think a very good system in a world with a lot of passive investors is one in which there are at least a few entrepreneurial investors, prepared to say what they think, prepared to propose a change in management, change in strategy, change in cost structure, capital structure.
While the move to central clearing has made the system safer, we need to make sure that the central counterparties have the resources and risk-management practices to withstand plausible but severe shocks.
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