Trader’s Narrative

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