By LINDSAY THOMPSON

Guardian Business Editor

lthompson@nasguard.com

Months after the luxury liner Titanic sank off Newfoundland in 1912 with several millionaires on board, on a small farm town in Tennessee, John Templeton, who was to become one of the wealthiest investors in Bahamian history, was born.

Citing hard work as the key to his success, Sir John Templeton, 91, started at the tender age of six in his backyard.

On a cool Saturday morning in the comfort of his office at the Templeton Foundation, which houses Templeton Global Advisors Ltd., at Lyford Cay, Sir John told The Guardian how he obtained his wealth and his status as an international business icon.

"At six years old, I said I want to earn some money, so my mother set aside a small piece of garden and told me to grow whatever I wanted to grow and sell it at the grocery store.

"So my first joy was earning money, and saving money is the second thing; hard work and thrift."

Sir John said people do not save enough money; it was always his plan to save 50 cents of every dollar he earned. Eventually, he invested in the stock market and "although you don't get rich quickly that way, by the time you're 91, you do."

His name has become synonymous with business, finance and investments, the latter not so much any more, because his focus has shifted to exploring spiritual wealth and the purpose of being.

For more than 30 years, he has shared his talent and success with The Bahamas, a place he calls home.

Asked why did he decided to invest in The Bahamas, he said:

"Thirty-one years ago, I investigated all the places in the world, very attractive places and decided that the Lyford Cay (Club) in The Bahamas was the most attractive place on earth."

As to what made him decide to start investment management fund, Templeton Growth Ltd., in 1954, Sir John simply said he was searching for ways to invest outside his country, as he always advises young people to do.

"I recommend to all young people, to try hard and find out how they can be most beneficial to humanity. The talent I seemed to have is to be able to help people to invest outside their own nation."

When Sir John entered Yale University, he met many wealthy people and for the first time became acquainted with those who owned shares.

"But during that time there were all these shares in just one nation. So I thought that if I could become an expert and help people who have some assets to invest worldwide, that would produce better results in the long run; why limit themselves in one area."

Sir John studied economics at Yale and earned a degree at Oxford, and eventually landed a job on Wall Street at a stock-brokerage firm. His job entailed advising wealthy families on how to select the right investments outside America.

"I did that nights and days for 50 years and towards the end of that time I decided that while I was helping a few thousand wealthy families, I wasn't going to have the tremendous benefit to humanity in the long run. So I gradually decided that I would sell out all businesses totally, 12 years ago, and since then I have been busier than I have ever been in my life."

In October, 1992, the Templeton funds were acquired by the Franklyn Group for $440 million.

Sir John now dedicates his time to trying to change attitudes toward discoveries. He was amazed that "no religion has been enthusiastic about new discoveries... they all look back at ancient scriptures and prophets."

This led Sir John to set up three foundations worldwide to facilitate scientists in making discoveries of a spiritual nature.

For Sir John, there are no major regrets in his career, other than that "no one" has found ways to increase spiritual information. He wished he had started back in his garden at age six, instead of growing vegetables, to discover why he was created, why he was human.

"Nobody ever explained it to me," he said. "I used to look up at the stars and wondered why they existed."

Sir John no longer considers himself an investment expert, but as the industry becomes more challenging, he advises that this is the time to "play it safe."

"Nowhere in my lifetime has there been a period when it has been so hard to find a share to buy at a bargain price. When I started to do this in 1936, there were only 17 professional security analysts on earth. Now, the Society of Security Analysts has 32,000 official members in the United States alone.

"So, at the same time, if you are thrifty and save money, you have to put it somewhere, in real estate, gold, bank accounts or in shares, which is probably the best investment in the long run."

When asked what is the most significant change since he came to The Bahamas, Sir John said it is that progress is so rapid.

"More books have been printed in the last 20 years, more has been discovered in medicine in the last 50 years... that is speeding up in The Bahamas, too."

"These 31 years in The Bahamas have been absolutely amazing in every way. The number of people who have been educated is amazing; when I came here, few people had a radio or a television set, and certainly, nobody had a computer.

"Also, the prosperity has been wonderful, the whole world has become more prosperous. People in The Bahamas were very poor when I came here."

Sir John said the country should welcome impending world trading blocs such as Free Trade Area of the Americas and the World Trade Organisation, as the prospects look beneficial for The Bahamas.

"Discoveries are being made in all industries all over the world and The Bahamas can't make those discoveries itself; it has to learn from other people. The Bahamas should try harder to get information by television, radio and the Internet. The Bahamas should have young people study everything worldwide and prepare themselves to be leaders, not just in one nation, but worldwide."

Caption TALKING BUSINESS – Sir John Templeton, founder of the Templeton Foundation, speaks to Guardian business editor Lindsay Thompson at his office in Lyford Cay. Staff photo by Donald Knowles

Posted: Monday December 22, 2003