Tag Archives: James Montier

Another Great One by James Montier

Posted on September 24, 2011 by Ray Galkowski, CFA

Read the whole thing: http://www.ft.com/intl/cms/s/0/77f0077c-c35a-11e0-9109-00144feabdc0.html#axzz1YtylE6lL “…there is a simple, although not easy…alternative (to  benchmark-focused investing)…use a value approach across a wide range of assets. Buy when an asset is cheap, and sell when an asset gets expensive – buy low and … Continue reading →

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Howard Marks on Risk (in Jason Zweig’s 2/12 Intelligent Investor Column) and Montier on the Risk and Return Characteristics of Value vs. Growth Companies

Posted on February 15, 2011 by Ray Galkowski, CFA

Howard Marks had been writing outstanding letters to his investors for years. I have read almost every one of his letters since and found that they are filled with fantastic investing common sense. Howard Marks has also been delivering great … Continue reading →

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High-Priced Businesses: Jason Zweig on Facebook and the PM’s List of High-Priced Companies

Posted on January 8, 2011 by Ray Galkowski, CFA

Jason Zweig’s column in today’s Wall Street Journal is titled “Why the Fuss over Facebook Doesn’t Make It a Homerun” and it provides fodder for two posts on this blog today. This first post shows that market buzz, such as … Continue reading →

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Historical Market Returns by Year (1825 – 2010)

Posted on December 30, 2010 by Ray Galkowski, CFA

I first saw the Friess Associates and Yale University market return histogram a few years ago and found it fascinating. Barring a large collapse on the last trading day of the year tomorrow, the returns on the S&P 500 (the … Continue reading →

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James Montier’s Presentation at the CFA Institute’s European Investment Conference

Posted on December 3, 2010 by Ray Galkowski, CFA

James Montier is an outstanding strategist who now works for GMO. He spoke last month at the CFA Institute’s European Investment Conference. The attached blogpost summarizes his talk. The money quote: So where do the new normal proponents get it … Continue reading →

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Is Value Investing Riskier than Other Investing Strategies?

Posted on September 10, 2010 by Ray Galkowski, CFA

Efficient Market Hypothesis proponents, like good lawyers, argue that there is absolutely no such thing as a permanent edge in investing and any permanent edge that does exist is riskier than the alternatives. (“Your honor, my client was never in that woman’s apartment and he was only there to return her lost kitten”). I mean, why paint yourself into a corner?

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