James Montier, GMO. James is a member of GMO’s Asset Allocation team. Prior to joining GMO in , he was co-head of Global Strategy at Société Générale. In , value investor James Montier, a member of GMO’s asset allocation team, wrote the widely cited piece The Seven Immutable Laws of. James Montier, fresh from a presentation to clients of the $85bn Boston asset manager which employs him, is wearing Darth Vader cufflinks.

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The problem here is most are not genuinely alternative. The winner of the game will be the person who picks the number closest to two-thirds of the average number picked. From an investment point of view, process is really kind of behavioural self-defence. It is, I know. Yeah, I always been a fan of dressing badly throughout my career.

Montier is also the author of ” Behavioural Investing: James fleshes out the details for us, discussing time-horizons of these identities.

Best example is probably private equity. You know, I grew up as a comic collector. Get fast, free shipping with Amazon Prime. Privacy Policy Terms of Use. And I watched them halved, halved and halved yet again, and really that triggered a lot of thought after they halved like four times, into, one, I just managed to get it so horrifically wrong. It all started way back, well over twenty years ago when I was at university.

And you could look at someone like Julian Robertson, right? He suggests growth will be lower along with lower rates. Even if you invest in a diversified set of them you’ll still deeply suffer at times because the blowups cluster.

When you think about it, who do you owe this debt to? Learn more at Author Central. But James takes issue with this. So, I think that was a very different bubble of gko. So, rather than building a dividend discount model moontier discount cash flow model where we know….


To get better returns, what you need is to leverage up your portfolio. So, I think confirmatory biases is certainly a big risk. Or to do well. Email Jeff at jr cambriainvestments. But to me, it is the most sensible thing to do when there is nothing to do, which is I think a good description of the current asset environment in general.

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Available for download now. And zero, you find all the economists, mathematicians and the game theorists of the world because only these guys are trained to think about these problems and solve them. Today, half a year laterthe same paradoxical observation forms the basis for the latest note by Jeremy Grantham’s colleague, GMO’s James Montier, titled ” The advent of a cynical bubble “, in which he uses the exact same survey and makes the exact same observations to reach our conclusion: Not all of them have equal merit, but I think there are four options.

If you think about private equity, what does private equity do? Our sole purpose is to serve the members of MOI Global as well as we possibly can in order to help them learn, invest intelligently, and build lifelong friendships with like-minded people.

The flip side of that is where we are today where markets are very expensive in general and particular in the U. And he had one where there was a refillable soup bowl, so people are eating soup at a restaurant table.

James Montier on Applying the Seven Immutable Laws of Investing

James, thanks so much for taking the time today and enjoy the Deadpool movie. People genuinely thought the world was gonna be different and in fairness, technology did change the world. Only 2 left in stock – order soon. And my boss, Jeremy Grantham, has talked a lot about the idea of the Stalin portfolio.

As for me, I prefer to leave the party early, in the knowledge that I can walk away with ease. Get to Know Us. You have my sympathies for a start. So, I think there are kind of four options that people could pursue.


It is perfectly gom that a government could just finance all of its spending through printing money. AmazonGlobal Ship Orders Internationally. To stream Episodeclick here. While such a bubble can make speculators extremely wealthy if only for a period of time – because putting money into what everyone knows is a ridiculous valuation is not investing, it’s speculation, and as Montier admits ” that the US equity market is obscenely overvalued can hardly be news to anyone ” – it only works as long as there is at least one more greater fool to sell to.

And I think people use these household analogies as an example of a way of kind of forcing a set of political beliefs on people that actually at odds with the economic reality.

So, these are all kind of good elements of process that can try and make you behaviourally robust. Montier doesn’t just leave with that jamex message but also gives us some options of what we can do about it, which are all extremely tough things to do. But that is the reality of where we are for valuation perspectives.

James Montier: This Is A “Greater Fool Bubble” And I’m Getting Out | Zero Hedge

What research topics are you focused on montirr GMO? Thanks for listening, friends, and good investing. Then you can see it in action in kind of Amazon Drive Cloud storage from Amazon.

So they either gave the answer of three or nine depending on which set of dice are being used.