Article 1: A path to better returns by Lauren Templeton https://mailchi.mp/ltfunds/the-boring-path-to-better-returns In our previous commentary (Are You Different this Time?) we discussed the speculative valuations in certain technology shares (i.e., 718 shares trading over 20x sales), and how they reminded us of the dotcom mania of the late 1990s. At first blush, the potential risk in these shares should sound alarms, but that analysis is incomplete. It is important to recall that the crowding of investor interests into a narrow section of the market means there should be neglected shares, and potentially bargains, elsewhere. We discussed this phenomenon in the context of the dotcom mania in a chapter from Investing the Templeton Way titled “When Bonds Are Not Boring.” In 2000, Sir John reasoned that the NASDAQ could potentially fall 50% or more from its high, and that 30 Year Treasury Strips with an implied yield of 6.3% were far more attractive. As many...