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In stock, usually dispatched within 24 hours
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- Product code: 416910
ISBN13: 9780470683590,
414 pages, hardback
Published by John Wiley & Sons, 2009
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Description of Value Investing
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'As with his weekly column, James Montier's "Value Investing" is a must read for all students of the financial markets. In short order, Montier shreds the 'efficient market hypothesis', elucidates the pertinence of behavioral finance, and explains the crucial difference between investment process and investment outcomes. Montier makes his arguments with clear insight and spirited good humor, and then backs them up with cold hard facts. Buy this book for yourself, and for anyone you know who cares about their capital' - Seth Klarman, President, The Baupost Group LLC. The seductive elegance of classical finance theory is powerful, yet value investing requires that we reject both the precepts of modern portfolio theory (MPT) and pretty much all of its tools and techniques. In this important new book, the highly respected and controversial value investor and behavioural analyst, James Montier explains how value investing is the only tried and tested method of delivering sustainable long-term returns.
James shows you why everything you learnt at business school is wrong; how to think properly about valuation and risk; how to avoid the dangers of growth investing; how to be a contrarian; how to short stocks; and, how to avoid value traps; how to hedge ignorance using cheap insurance. Crucially he also gives real time examples of the principles outlined in the context of the 2008/09 financial crisis. In this book James shares his tried and tested techniques and provides the latest and most cutting edge tools you will need to deploy the value approach successfully. It provides you with the tools to start thinking in a different fashion about the way in which you invest, introducing the ways of over-riding the emotional distractions that will bedevil the pursuit of a value approach and ultimately think and act differently from the herd.
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Contents of Value Investing |
Part I: Everything you learnt in Business School is wrong
1) The dead parrot of finance
2) Psuedoscience and finance
3) The relative performance derby: a key source of poor performance
4) The dangers of DCF
5) Is Value really risker than growth
6) Deflation, depression and value
Part II) Behavioural Foundations of Value Investing
7) Overpaying for the hope of growth
8) Placebos, booze and glamour stocks
9) Tears before bedtime
10) Clear and present danger: The Trinity of Risk
11) Maximum pessimism, profit warnings and heat of the moment
12) The behavioural stumbling blocks to value investing
Part III) The Philosophy of Value Investing
13) The ten tenets of investing
14) Process not outcomes
15) Beware of Action man
16) The Bullish bias and the need for scepticism
17) Keep it simple stupid
18) Dark days for deep value
Part IV) The Empirical Evidence
19) Global Value Investing
20) Graham's net-nets: outstanding or out-dated?
Part V) The 'Dark Side' Of Value Investing: Short Selling
21) Pirates, Spies and Short Sellers
22) Cooking the books
23) Bad business
Part VI) Real time value investing
24) The case against emerging markets
25) Financials: opportunity or value trap
26) Bonds: speculation not investment
27) Cyclicals and value traps
28) The road to revulsion and the creation of value
29) Psychology of bear markets
30) Revulsion and value
31) Buy when its cheap, if not then, when?
32) Roadmap to inflation and sources of cheap insurance
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About James Montier |
James Montier is a member of GMO's asset allocation team. Prior to that he was global strategist for Societe Generale and Dresdner Kleinwort. He has been the top rated strategist in the annual extel survey for most of the last decade. He is also the author of three other books - Behavioural Finance (2000, Wiley), Behavioural Investing (2007, Wiley) and The Little Book of Behavioral Investing (Forthcoming, Wiley). James is a regular speaker at both academic and practitioner conferences, and is regarded as the leading authority on applying behavioural finance to investment. He is a visiting fellow at the University of Durham and a fellow of the Royal Society of Arts. He has been described as a maverick, an iconoclast, an enfant terrible by the press.
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