Стоимостной инвестор Джеймс Монтье — один из обязательных источников мудрости в моей диете.
So my biases are clear and fully disclosed, I should point out that I am a big fan of James Montier and his work, including his books and his «white papers» both when he was at SocGen and now that he is at GMO. Since I also try to be a deep value investor whose work is informed by behavioral finance, we share the same general approach. And since I met him this afternoon for the first and found him both friendly and engaging, I am obviously inclined to be an appreciative audience. James said that he was a bit nervous about his speech — The Flaws of Finance — because it is a new one, but he needn’t have been. My rough notes follow (with no guaranty of accuracy or comprehensiveness).
The focus: bad models. bad policies, bad incentives and bad behavior.
- If you give CAPM and VAR to monkeys…
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