James Montier resource page with a huge collection of articles and Prior to that , he was the co-Head of Global Strategy at Société Générale and has been the. James Montier, GMO. James is a member of GMO’s Asset Allocation team. Prior to joining GMO in , he was co-head of Global Strategy at Société Générale. I met James Montier at a value investment seminar in Italy in Montier ride again motions James Montier leaving Societe Generale to.
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James Montier writes about the whether company visits are useful for fund managers.
He also gives a few short montuer from his shorting screen. Subscribe to ValueWalk Newsletter. It follows the standard pattern of a bubble deflating, some thing that we have seen a thousand times before.
James Montier Resource Page
On his website he reveals what more than 20 years of equity investment have taught him — sometimes at considerable cost. If you have any interest at all in short selling this is an article for you. The Advent of A Cynical Bubble James Montier explores the nature and underlying psychology of four different kinds of bubbles. The Evolutionary Foundations of Heuristics and Biases James Montier in December writes that a catalogue of biases that cognitive psychologists have built up over the last three decades seem to have stem from one of three roots — self-deception, heuristic simplification including affectand social interaction.
He points out that this is why they are all overoptimistic and how you can avoid falling into the same trap. At the link above you can read parts of the book at Google Books. Lessons from behavioural finance and for corporate governancewrote at the end of January James Montier says even though it is tempting to believe bad behaviour is the result of a few rotten individuals.
Investors could move up and down the capital structure from bonds to equities as they saw fit. We evolved in a very different environment, and it is that ancestral evolutionary environment that governs the way in which we think and feel.
James was kind enough to put me on societ distribution list and I really looked forward to each of his articles as they always taught me something. James Montier makes a strong argument that the mess in the US economy and housing market was not caused by a black swan event unpredictable but rather was sadly predictable.
The details of each socjete are different but the general patterns remain very similar. The list below gives a top ten list for avoiding the most common investment mental pitfalls.
Tools and Techniques for Intelligent Investment. He explores the montire that all the government rescue packages initiated in have the possibility to again inflate a substantial bubble. Be sure to add it to your RSS reader.
Tim du Toit is editor and founder of Eurosharelab. Because such markets lack fundamental support, they are liable to precipitous declines.
Montier quits SocGen for hedge fund
Value plus quality seems to make sense. Never Miss A Story! In the article he explains a simple short screen with surprising results shown through back testing in the USA and Europe.
You can also find it under Current Value Investors.
Montier quits SocGen for hedge fund | Reuters
In November article titled Only White Swans on the Road to Revulsion James Montier makes the argument that that the housing bubble and the crisis following its collapse was not an unforeseen event but rather the result of over optimism and the illusion of control, two classic human behavioural mistakes. It creeps into almost every discussion on finance.
The answer in general is no but they can be improved by learning to look for evidence that disagrees with us, and seek to disprove our ideas, rather than illustrate them with supportive evidence.
Efficient markets theory is dead. So using forecasts as an integral part of the investment process is like tying one hand behind your back before you start. The essence of investment was to seek out value; to buy what was cheap with a margin of safety.
James Montier, in his usual style puts himself against the common view saying that the then biggest consensus portfolio bets to him seemed to be small cap and low quality however large cap, high quality looks like the better bet to him. James Montier presents even more evidence that humans cannot forecast and why you should avoid listening to anyone who says he can as well as avoid it yourself.
Its a great summary of a lot of his previous work in a presentation format, summarised in bullet points and graphs.
In this paper James explores the evolutionary basis of each of these roots. Our minds are suited for solving problems related to our survival, rather than being optimised for investment decisions.
Give it a try! Here he comes up with a collection of his best books mntier different categories classics, modern, psychological and hidden gems that is arguably the best reading list for any aspiring investor.
However, the overwhelming psychological evidence suggests that if you put good people into bad situations they usually turn bad.
We had long discussions later the day and into the evening on value investing and investment strategy. He identifies shorting candidates through a measurement called the M score.
But most importantly, humility should be the central theme of a good investment process. I wanted to inform the readers that there is a new permanent page on Value Walk devoted to James Montier Below is the page. In the article The psychology of bear markets published in Decemberduring the brunt of the bear market James Montier writes about that the mental barriers to effective decision-making in bear market s are as many and varied as those that plague rationality during bull markets but that they more pronounced as fear and shock limits logical analysis.