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1 2 3 4 5 6 7 8 O. Okay. I'm buying. But you're kind of breaking my point here. OK. 160 I don't think you can buy houses if you break this. 50 I am not going to give you any investment advice. This is something I definitely won't do today. I would like you to tell me about 1987 , the year you started.
With Templeton, John Templeton, who really opened this idea to me. He was into value investing, and his concept was to buy when everyone else was selling, to buy as much as possible on the " bottom." And, of course, it was 1987 , markets around the world collapsed, and we were just creating this Templeton Emerging Markets fund.
Yes. And I'll never forget it, because Merrill Lynch, who were the underwriters of this closed-end fund in New York, said we could raise about $120 million, and Temple said, "Oh, no, that's too much." "We will only take 100 million." And he was right, because in those days, 100 million was a lot of money, because we only had six markets to invest in.
Mexico, Hong Kong, Philippines, Malaysia, Singapore and Thailand. That's all. Sir John Templeton was such a figure. Tell me about him. He was constantly learning. That is, you always saw a research report in it. Besides, he was a billionaire. He was very frugal. I remember when I visited him, he had a notebook made of scribbled paper.
He cut all the paper that was thrown away into small pieces, stapled them together, and used them for notes. And he was the one who had the courage to say, "Look, we're going to go to these markets because they're cheap. They are unpopular, and that is where we should be." So part of your job was to develop metrics or a certain process for investing in these companies, which didn't exist before.
This is a very important point, because in those days there was no brokerage research. Yes. So I started developing a format for evaluating companies: you look at management, of course, financial performance, who is behind the company, what is the nature of the business, and so on . Yes. So, we really had to develop our own research.
So tell me about one of those companies. I mean, again, we're, you know, we're still in the early stages, and there's a lot of opportunity in the markets . Tell me about one of these companies . I'll tell you about one of the disasters, okay? Good. Okay, fair enough. We were in Brazil, and one of the big companies there was a department store chain called Mesbla, a very well-known company, obviously quite successful.
We visited the CFO, the reports looked good, profits were growing, we continued to invest for several years and received quite good dividends, etc. Then, suddenly, we take the newspaper, and the company goes bankrupt. And you read about it in the newspaper. What happened? The assets disappeared. The family that controlled the company was withdrawing assets from the company without the knowledge of the shareholders.
Of course. So, it was a pretty serious lesson for us, and we learned a lot from it. And one of the important lessons, of course, is that you need to look at the people behind the company. Mm. Don't just talk to professional managers, talk to those who own and run the company from behind the scenes. Of course.
Of course. So, you had a very good process. There were enough successes, and we had... you can have 10 failures, but one big success can make up for all of them. What really helped us develop, of course, was a complete change in philosophy around the world, because when I studied economic development at MIT, economists were trying to figure out how countries develop?
What makes them evolve? Because there were so many third world countries that were receiving aid. Of course. I gave millions and millions of dollars to these countries, nothing happened. Nothing happened. Yes. So finally these economists put forward the concept that it is necessary to have a market economy.
Mm. Mm. This concept was adopted by the World Bank, IFC, IMF, and they started convincing countries, saying: " Listen, if you want help from us, you have to develop a market economy." What does this mean? This means, for starters, the privatization of state-owned enterprises. Mm. And opening the market to foreign investment .
Make the conditions favorable for those who come to invest, and also make them favorable for local investors. Of course, not only for foreign investors. which has spread throughout the world. It seems like you're going through the Start sector, right? Let's see what you get. Good. Good. So did you learn anything about I'll give it straight to you to buy the Reading Railroad. Oh, okay. I thought you were a value investor.
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