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Montier, James - Value Investing

Value Investing : Tools and Techniques for Intelligent Investment

By: Montier, James (Author). John Wiley and Sons Ltd. Published: 23/10/2009. Audience Guide: Professional & Vocational.
Hardback. Sourced from U.S.A.

Full item details here.

'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.

Item Details

ISBN10/13: 0470683597/9780470683590
TITLE: Value Investing
CONTRIBUTORS: Montier, James (Author)
IMPRINT: John Wiley & Sons Ltd
PUBLISHER: John Wiley and Sons Ltd
FORMAT: Hardback
PUBLICATION DATE: 23/10/2009
SUBJECT: Business, Industry & Management, Investment & Securities
DIMENSIONS (Width x Height): 176mm x 248mm
PAGES: 416
AUDIENCE GUIDE: Professional & Vocational
CONTENTS:

Preface Foreword PART I WHY EVERYTHING YOU LEARNED IN BUSINESS SCHOOL IS WRONG 1 Six Impossible Things before Breakfast, or, How EMH has Damaged our Industry 2 CAPM is Crap 3 Pseudoscience and Finance: The Tyranny of Numbers and the Fallacy of Safety 4 The Dangers of Diversification and Evils of the Relative Performance Derby 5 The Dangers of DCF 6 Is Value Really Riskier than Growth? Dream On 7 Deflation, Depressions and Value PART II THE BEHAVIOURAL FOUNDATIONS OF VALUE INVESTING 8 Learn to Love Your Dogs, or, Overpaying for the Hope of Growth (Again!) 9 Placebos, Booze and Glamour Stocks 10 Tears before Bedtime 11 Clear and Present Danger: The Trinity of Risk 12 Maximum Pessimism, Profit Warnings and the Heat of the Moment 13 The Psychology of Bear Markets 14 The Behavioural Stumbling Blocks to Value Investing PART III THE PHILOSOPHY OF VALUE INVESTING 15 The Tao of Investing: The Ten Tenets of My Investment Creed 16 Process not Outcomes: Gambling, Sport and Investment! 17 Beware of Action Man 18 The Bullish Bias and the Need for Scepticism. Or, Am I Clinically Depressed? 19 Keep it Simple, Stupid 20 Confused Contrarians and Dark Days for Deep Value PART IV THE EMPIRICAL EVIDENCE 21 Going Global: Value Investing without Boundaries 22 Graham's Net-Nets: Outdated or Outstanding? PART V THE 'DARK SIDE' OF VALUE INVESTING: SHORT SELLING 23 Grimm's Fairy Tales of Investing 24 Joining the Dark Side: Pirates, Spies and Short Sellers 25 Cooking the Books, or, More Sailing Under the Black Flag 26 Bad Business: Thoughts on Fundamental Shorting and Value Traps PART VI REAL-TIME VALUE INVESTING 27 Overpaying for the Hope of Growth: The Case Against Emerging Markets 28 Financials: Opportunity or Value Trap? 29 Bonds: Speculation not Investment 30 Asset Fire Sales, Depression and Dividends 31 Cyclicals, Value Traps, Margins of Safety and Earnings Power 32 The Road to Revulsion and the Creation of Value 33 Revulsion and Valuation 34 Buy When it's Cheap - If Not Then, When? 35 Roadmap to Inflation and Sources of Cheap Insurance 36 Value Investors versus Hard Core Bears: The Valuation Debate References Index