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James Montier: Ten Lessons (Not?) Learnt at Trader’s Narrative

James Montier: Ten Lessons (Not?) Learnt

James Montier, strategist, deep thinker, financial sage, market historian and previously one-half of the dynamic duo at Societe Generale (the other being Albert Edwards), has moved on to Jeremy Grantham’s firm, GMO. Here is his most recent research report titled, Ten Lessons (Not?) Learnt:

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

Here’s the full report (hit full screen to see it better):

Hat tip: MyInvestingNotebook

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3 Responses to “James Montier: Ten Lessons (Not?) Learnt”  

  1. 1 Enn

    the other half was Albert Edwards, thanks

  2. 2 Babak

    Enn, thanks - I’ve corrected it. Dylan Grice was the Robin to their Batman.

  3. 3 Jim Paredes

    What we learn from history is that we don’t learn from history. I will print this copy and place it in my desk. These 10 points are good reminders. Oh. I have also found a good resource page on James Montier.

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