{"product_id":"value-investing-isbn-9780470683590","title":"Value Investing","description":"\u003cp\u003e\"As with his weekly column, James Montier's \u003ci\u003eValue Investing\u003c\/i\u003e 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!\"\u003cbr\u003e\u003cb\u003e—Seth Klarman\u003c\/b\u003e, President, The Baupost Group LLC\u003c\/p\u003e \u003cp\u003eThe 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.\u003c\/p\u003e \u003cp\u003eIn 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.\u003c\/p\u003e \u003cp\u003eJames 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.\u003c\/p\u003e \u003cp\u003eIn 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.\u003c\/p\u003e \u003cp\u003eIt 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.\u003c\/p\u003e \u003cp\u003ePreface xi\u003c\/p\u003e \u003cp\u003eForeword xvii\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart I Why Everything You Learned in Business School Is Wrong 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Six Impossible Things before Breakfast, or, How EMH has Damaged our Industry 3\u003c\/p\u003e \u003cp\u003e2 CAPM is Crap 19\u003c\/p\u003e \u003cp\u003e3 Pseudoscience and Finance: The Tyranny of Numbers and the Fallacy of Safety 29\u003c\/p\u003e \u003cp\u003e4 The Dangers of Diversification and Evils of the Relative Performance Derby 39\u003c\/p\u003e \u003cp\u003e5 The Dangers of DCF 47\u003c\/p\u003e \u003cp\u003e6 Is Value Really Riskier than Growth? Dream On 57\u003c\/p\u003e \u003cp\u003e7 Deflation, Depressions and Value 65\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart II The Behavioural Foundations of Value Investing 73\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e8 Learn to Love Your Dogs, or, Overpaying for the Hope of Growth (Again!) 75\u003c\/p\u003e \u003cp\u003e9 Placebos, Booze and Glamour Stocks 85\u003c\/p\u003e \u003cp\u003e10 Tears before Bedtime 93\u003c\/p\u003e \u003cp\u003e11 Clear and Present Danger: The Trinity of Risk 105\u003c\/p\u003e \u003cp\u003e12 Maximum Pessimism, Profit Warnings and the Heat of the Moment 113\u003c\/p\u003e \u003cp\u003e13 The Psychology of Bear Markets 121\u003c\/p\u003e \u003cp\u003e14 The Behavioural Stumbling Blocks to Value Investing 129\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart III The Philosophy of Value Investing 141\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e15 The Tao of Investing: The Ten Tenets of My Investment Creed 143\u003c\/p\u003e \u003cp\u003e16 Process not Outcomes: Gambling, Sport and Investment! 165\u003c\/p\u003e \u003cp\u003e17 Beware of Action Man 173\u003c\/p\u003e \u003cp\u003e18 The Bullish Bias and the Need for Scepticism. Or, Am I Clinically Depressed? 181\u003c\/p\u003e \u003cp\u003e19 Keep it Simple, Stupid 195\u003c\/p\u003e \u003cp\u003e20 Confused Contrarians and Dark Days for Deep Value 205\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart IV The Empirical Evidence 215\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e21 Going Global: Value Investing without Boundaries 217\u003c\/p\u003e \u003cp\u003e22 Graham’s Net-Nets: Outdated or Outstanding? 229\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart V The ‘dark Side’ of Value Investing: Short Selling 237\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e23 Grimm’s Fairy Tales of Investing 239\u003c\/p\u003e \u003cp\u003e24 Joining the Dark Side: Pirates, Spies and Short Sellers 247\u003c\/p\u003e \u003cp\u003e25 Cooking the Books, or, More Sailing Under the Black Flag 259\u003c\/p\u003e \u003cp\u003e26 Bad Business: Thoughts on Fundamental Shorting and Value Traps 265\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart VI Real-time Value Investing 279\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e27 Overpaying for the Hope of Growth: The Case Against Emerging Markets 281\u003c\/p\u003e \u003cp\u003e28 Financials: Opportunity or Value Trap? 291\u003c\/p\u003e \u003cp\u003e29 Bonds: Speculation not Investment 299\u003c\/p\u003e \u003cp\u003e30 Asset Fire Sales, Depression and Dividends 309\u003c\/p\u003e \u003cp\u003e31 Cyclicals, Value Traps, Margins of Safety and Earnings Power 315\u003c\/p\u003e \u003cp\u003e32 The Road to Revulsion and the Creation of Value 325\u003c\/p\u003e \u003cp\u003e33 Revulsion and Valuation 343\u003c\/p\u003e \u003cp\u003e34 Buy When it’s Cheap – If Not Then, When? 355\u003c\/p\u003e \u003cp\u003e35 Roadmap to Inflation and Sources of Cheap Insurance 361\u003c\/p\u003e \u003cp\u003e36 Value Investors versus Hard-Core Bears: The Valuation Debate 371\u003c\/p\u003e \u003cp\u003eReferences 379\u003c\/p\u003e \u003cp\u003eIndex 383\u003c\/p\u003e  \u003cp\u003e\"Any disciple of value investing will benefit greatly from reading this book.\" (UK Analyst.com, May 2011)  \u003cb\u003eJames Montier\u003c\/b\u003e is a member of GMO's 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 – \u003ci\u003eBehavioural Finance\u003c\/i\u003e (2000, Wiley), \u003ci\u003eBehavioural Investing\u003c\/i\u003e (2007, Wiley) and \u003ci\u003eThe Little Book of Behavioral Investing\u003c\/i\u003e (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.  \"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.\"\u003cbr\u003e —\u003cb\u003eEdward Chancellor\u003c\/b\u003e, author of \u003ci\u003eDevil Take the Hindmost: A history of financial speculation\u003c\/i\u003e  \u003c\/p\u003e\u003cp\u003e\"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 don't require advanced mathematics to comprehend. I advise everyone to read and study this wonderful book. All of my students now have \u003ci\u003eValue Investing: Tools and Techniques for Intelligent Investment\u003c\/i\u003e to add to their required reading.\"\u003cbr\u003e —\u003cb\u003eMark Cooper\u003c\/b\u003e, Partner at Omega Advisors \u0026amp; Adjunct Professor at Columbia Business School\u003c\/p\u003e \u003cp\u003e\"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 what’s wrong with standard investment thinking and offers important insight into how to improve your process. Read \u003ci\u003eValue Investing\u003c\/i\u003e, live its lessons, and prosper.\"\u003cbr\u003e —\u003cb\u003eMichael J. Mauboussin\u003c\/b\u003e, Chief Investment Strategist at Legg Mason Capital Management, and author of \u003ci\u003eThink Twice: Harnessing the Power of Counterintuition\u003c\/i\u003e\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47990445605093,"sku":"NP9780470683590","price":52.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470683590.jpg?v=1761787861","url":"https:\/\/k12savings.com\/products\/value-investing-isbn-9780470683590","provider":"K12savings","version":"1.0","type":"link"}