Value Investing: Tools and Techniques for Intelligent Investment by James Montie

Description: Value Investing by James Montier 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. This book explains how value investing is the only tried and tested method of delivering sustainable long-term returns. FORMAT Hardcover LANGUAGE English CONDITION Brand New Publisher Description "As with his weekly column, James Montiers 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; 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. Notes Subtitled, Tools & Techniques For Intelligent Investment. Back Cover "As with his weekly column, James Montiers 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; 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. Flap "James Montier combines a profound understanding of behaviorial finance with a fierce adherence to the tried and tested principles of value-investing. He is always readable, thought-provoking and, above all, correct." -- Edward Chancellor , author of Devil Take the Hindmost: A history of financial speculation "James latest effort is a must read. It combines great academic and practitioner approaches written in a humorous and entertaining style. It has practical real world examples that dont require advanced mathematics to comprehend. I advise everyone to read and study this wonderful book. All of my students now have Value Investing: Tools and Techniques for Intelligent Investment to add to their required reading." -- Mark Cooper , Partner at Omega Advisors & Adjunct Professor at Columbia Business School "A preponderance of evidence shows that successful long-term investing requires a strong value orientation and a proper temperament, virtues commonly blunted by behavioural and incentive-based biases. Montier, a leading light in value investing and behavioural finance, shows you whats wrong with standard investment thinking and offers important insight into how to improve your process. Read Value Investing , live its lessons, and prosper." -- Michael J. Mauboussin , Chief Investment Strategist at Legg Mason Capital Management, and author of Think Twice: Harnessing the Power of Counterintuition Author Biography James Montier is a member of GMOs asset allocation team. Prior to that he was global strategist for Société Générale 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. Table of Contents Preface xi Foreword xvii Part I Why Everything You Learned in Business School Is Wrong 1 1 Six Impossible Things before Breakfast, or, How EMH has Damaged our Industry 3 2 CAPM is Crap 19 3 Pseudoscience and Finance: The Tyranny of Numbers and the Fallacy of Safety 29 4 The Dangers of Diversification and Evils of the Relative Performance Derby 39 5 The Dangers of DCF 47 6 Is Value Really Riskier than Growth? Dream On 57 7 Deflation, Depressions and Value 65 Part II The Behavioural Foundations of Value Investing 73 8 Learn to Love Your Dogs, or, Overpaying for the Hope of Growth (Again!) 75 9 Placebos, Booze and Glamour Stocks 85 10 Tears before Bedtime 93 11 Clear and Present Danger: The Trinity of Risk 105 12 Maximum Pessimism, Profit Warnings and the Heat of the Moment 113 13 The Psychology of Bear Markets 121 14 The Behavioural Stumbling Blocks to Value Investing 129 Part III The Philosophy of Value Investing 141 15 The Tao of Investing: The Ten Tenets of My Investment Creed 143 16 Process not Outcomes: Gambling, Sport and Investment! 165 17 Beware of Action Man 173 18 The Bullish Bias and the Need for Scepticism. Or, Am I Clinically Depressed? 181 19 Keep it Simple, Stupid 195 20 Confused Contrarians and Dark Days for Deep Value 205 Part IV The Empirical Evidence 215 21 Going Global: Value Investing without Boundaries 217 22 Grahams Net-Nets: Outdated or Outstanding? 229 Part V The dark Side of Value Investing: Short Selling 237 23 Grimms Fairy Tales of Investing 239 24 Joining the Dark Side: Pirates, Spies and Short Sellers 247 25 Cooking the Books, or, More Sailing Under the Black Flag 259 26 Bad Business: Thoughts on Fundamental Shorting and Value Traps 265 Part VI Real-time Value Investing 279 27 Overpaying for the Hope of Growth: The Case Against Emerging Markets 281 28 Financials: Opportunity or Value Trap? 291 29 Bonds: Speculation not Investment 299 30 Asset Fire Sales, Depression and Dividends 309 31 Cyclicals, Value Traps, Margins of Safety and Earnings Power 315 32 The Road to Revulsion and the Creation of Value 325 33 Revulsion and Valuation 343 34 Buy When its Cheap – If Not Then, When? 355 35 Roadmap to Inflation and Sources of Cheap Insurance 361 36 Value Investors versus Hard-Core Bears: The Valuation Debate 371 References 379 Index 383 Review "Any disciple of value investing will benefit greatly from reading this book." (UK Analyst.com, May 2011) Long Description "As with his weekly column, James Montiers 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; 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. Review Quote Any disciple of value investing will benefit greatly from reading this book. (UK Analyst.com, May 2011). Description for Sales People Hardback sales increasing with each new volume Details ISBN0470683597 Year 2009 ISBN-10 0470683597 ISBN-13 9780470683590 Format Hardcover Subtitle Tools and Techniques for Intelligent Investment DEWEY 332.6 Short Title VALUE INVESTING Language English Media Book Publication Date 2009-10-23 Illustrations Yes Edition 1st UK Release Date 2009-10-23 NZ Release Date 2009-10-23 US Release Date 2009-10-23 Author James Montier Pages 416 Publisher John Wiley & Sons Inc Imprint John Wiley & Sons Inc Place of Publication New York Country of Publication United States Audience Professional & Vocational AU Release Date 2009-10-22 We've got this At The Nile, if you're looking for it, we've got it. With fast shipping, low prices, friendly service and well over a million items - you're bound to find what you want, at a price you'll love! TheNile_Item_ID:126564921;

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