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July 22, 2008 at 08:00 PM
Sir John Templeton, the philanthropist, legendary investor, and founder of the Templeton family of funds, passed away on July 8, at his home in the Bahamas.
He began his career on Wall Street in 1937 and is legendary for having borrowed $10,000 in 1939 at the outbreak of World War II in Europe and buying 100 shares each of 104 companies, whose stock cost one dollar or less per share, including several in bankruptcy. Several years later realized a huge profit on all but four of those stocks. In 1940 he bought a small investment firm that became Templeton, Dubrow and Vance and fourteen years later launched his first mutual fund, the Templeton Growth Fund, in Canada where there was no capital gains tax at the time.
