Here is the article.
Templeton received his first lesson in value investing early. His father, Harvey Sr., was a lawyer. During the mid- to late 1920s, many farmers were driven into bankruptcy. Their farms would come up for auction in the town square opposite Harvey Sr.’s office. When the auctions failed to produce a bidder, he would step out and snap them up for a pittance.
These farms were sold a generation later at huge profits. From these events Templeton imbibed the lesson that the farms per se were no ..
He borrowed $10,000 and invested in 104 stocks, each trading at below $1. Of these, 37 were in bankruptcy. He wagered that the war would lead to a turnaround in the fortunes of even these weaklings.
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