Saturday, February 27, 2010

Was It All Just A Bad Dream? Or, Ten Lessons Not Learnt

Here is the presentation to go along with the paper below (You can find the PDF here).

A brief Summary:
Markets aren't efficient.
Relative performance is a dangerous game.
The time is never different.
Valuation matters.
Wait for the fat pitch.
Sentiment matters.
Leverage can't make a bad investment good, but it can make a good investment bad!
Over-quantification hides a real risk.
Macro matters.
Look for sources of cheap insurance.



If you're a fan of Montier, check out his book Value Investing.