Ten Lessons (Not?) Learnt

When he was at Societe  Generale, I very much enjoyed the work of James Montier. He is now working with Jeremy Grantham at GMO.

I have two of James’ books in my queue, Behavioural Finance: Insights into Irrational Minds and Markets (2002) and Behavioural Investing: A Practitioners Guide to Applying Behavioural Finance (2007).

He hasn’t begun publishing officially yet, but this slide deck has been making the rounds: Ten Lessons (Not?) Learnt:

Markets Aren’t Efficient
Relative Performance is a Dangerous Game
This Time is Never Different
Valuation Matters (in the Long Run)
Wait for the “Fat” Pitch
Sentiment Matters
Leverage Can’t Turn a Bad Investment Good
Beware of Over Quantification
There is No Substitute for Skepticism
The Benefits of Cheap Insurance

The full GMO piece  can be found here.

Hat tip Trader’s Narrative

Print Friendly, PDF & Email

What's been said:

Discussions found on the web:

Posted Under