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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So using forecasts as an integral part of the investment process is like tying one hand behind your back before you start. Tools and Techniques for Intelligent Investment. You can also find it under Current Value Investors. He also gives a few short ideas from his shorting screen. It follows the standard pattern of a bubble deflating, some thing that we have seen a thousand times before.

Montier quits SocGen for hedge fund

We evolved in a very different environment, and it is that ancestral evolutionary environment that governs the way in which we think and feel. Value plus quality seems to make sense. In November article socieet 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 jamex and the illusion of control, two classic human behavioural mistakes.

He found, unsurprisingly, that only a very small minority shows the required level of strategic thinking to beat the gun. On his website he reveals what more than 20 years jammes equity investment have taught him — sometimes at considerable cost. An enormous amount of evidence suggests that investors are generally hopeless at forecasting.

Our minds are suited for solving problems related to our survival, rather than being optimised for investment decisions.

Be sure to add it to your RSS reader. He also touches on the propensity for commentators to continually proclaim the end of generake problem and a resumption of business as usual. Efficient markets theory is dead. 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 explores the possibility that all the government rescue packages initiated in have the possibility to again inflate a substantial bubble. Never Miss A Story! 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.

At montiier Value Investing Congress incopies of the book were handed out to all partcipants. James Montier writes about the whether generxle visits are useful for fund aociete. Send me ocassional third party offers Yes No. We all make mistakes when we make decisions. 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.

James Montier | Value Invest

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. 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. Investors could move up and down the capital structure from bonds to equities as they saw fit.

Here he comes up with a collection of his best books in different categories classics, modern, psychological and hidden gems that is arguably the best reading list for any aspiring investor.

Montier quits SocGen for hedge fund | Reuters

Past results are impressive in identifying under-performing companies. James wrote that fifteen stocks in the U. 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.


Unfortunately James decreased his writings since taking a position with the asset manager GMO in He points out that this is why they are all overoptimistic and how you can avoid falling into the same trap. Or, Ten Lessons Not Gennerale from the financial crisis. Pirates, Spies and Short Sellers.

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.

These results speak directly montler the ability of investors to exit the market before the mass exodus. We respect your privacy no spam ever.

Although, James Montier does not have his own fund, he has valuable information. If you have any interest at all in short selling this is an article for you. James was kind enough to put me on his distribution list and I really looked forward to each of his articles as they always taught me something.

Because such markets lack fundamental support, they are liable to precipitous declines. Give it societ try!

The essence of investment was to seek out value; to buy what was cheap with a margin of safety. Subscribe to ValueWalk Newsletter.

The list below gives a top ten list for avoiding the most common investment mental pitfalls. Tim du Toit is editor and founder of Eurosharelab. For example he writes that the first sin was placing forecasting at the very heart of the investment process. The Little Book of Behavioral Investing: In this paper James explores the evolutionary basis of each of these roots. James Montier explains why the efficient markets theory is dead but still lives because of academic inertia.