I can sum up my message by reminding you of Will Rogers’ famous advice.

“Don’t gamble,” he said. “Buy some good stock. Hold it till it goes up…and then sell it. If it doesn’t go up, don’t buy it!” - by Sir John Templeton (Franklin Templeton )

There is as much wisdom as humor in this remark. Success in the stock market is based on the principle of buying low and selling high. Granted, one can make money by reversing the order – selling high and then buying low. And there is money to be made in those strange animals, options and futures. But, by and large, these are techniques for traders and speculators, not for investors. And I am writing as a professional investor, one who has enjoyed a certain degree of success as an investment counselor over the past half-century – and who wishes to share with others the lessons learned during this time.

The article first appeared in 1993 in World Monitor: The Christian Science Monitor Monthly, which is no longer published, and is reprinted with permission of the Late Sir John Templeton. While market and economic data included in this 1993 article are obviously outdated, Sir John Templeton’s core investment principles are still relevant.