Sir Johns philosophy of investing, which is built around the presumption that investors must have the courage and patience to ride out economic and market cycles, remains highly relevant today. In the aftermath of two of the most savage bear markets in living memory, which twice within a decade have seen stock markets around the world fall, peak to trough, by 50%, many investors remain shell-shocked and disillusioned by their losses. Had they followed a disciplined Templeton approach, we can show that they would not have fared anything like as badly as many did. Nor, certainly, would they have become so disheartened. John Templeton, a perennial optimist produced his best investment returns during and immediately after bear markets, underlining that success in investment is just as much about avoiding losses and preserving what you have gained, as it is about picking winners. The authors believe it is important for investors today to appreciate that the events of the past ten years, including the great global financial crisis of 2008-09, reinforce the importance of some fundamental truths about investment. One is that there are always opportunities to make money, even when no, particularly when ?] the outlook appears particularly gloomy.