What Margin Debt Tells Us About Market Euphoria [Forbes]
Templeton Dragon Fund, Inc. (TDF)
US:NYSE Investor Relations:
franklintempleton.com/investor/resources/lit/info/tltdf-a&role=investor
Company Research
Source: Forbes
That market euphoria comes with higher risk than many realize.gettyEuphoria /yo?o'fôre?/NounIn 1954, John Templeton entered the mutual fund market with the creation of the Templeton Growth Fund. He averaged 15% per year for 38 years. His secret (shared in 1985 with me and millions more): he buys when everyone else is selling—on pessimism—and sells when everyone else is buying—on euphoria. He added, though, that it is the hardest thing for an investor to do. Why? Because it requires one to constantly go against popular belief.Today, we have all sorts of ways to measure pessimism and euphoria. There are investor sentiment polls that do a good job and are worth our attention; however, what’s most important to keep in mind is that it is leverage that always ruins the party. Margin debt can be both a measure of investor euphoria and high risk. It is screaming that both are extreme today.Individuals use margin debt to buy more stocks. Think of it as rocket fuel to drive stock prices higher.
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Sec Filings
- 3/28/24 - Form 497K
- 3/28/24 - Form 497
- 3/8/24 - Form N-CEN
- TDF's page on the SEC website