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Value Investing

4.01  ·  Rating details ·  410 ratings  ·  15 reviews
"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 ...more
Hardcover, 394 pages
Published December 1st 2009 by John Wiley & Sons
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Matt Kelty
Dec 30, 2012 rated it it was ok
I'm a big fan of the author, but this is not a good book. If you are expecting "tools or techniques" as the subtitle promises, you will be disappointed.

Like too many other recent books by good financial minds, it's just a slapped together collection of their earlier writings/letters. Worse than that, most of his work is very high-level research on value vs. growth. If you're already a convert, there isn't a whole lot to be applied from these pages.
Steve Bradshaw
Nov 21, 2011 rated it it was ok
Shelves: investment
A reasonable defense of value investing in general terms but disappointingly shallow, highly repetitive and weak on individual stock selection (perhaps because the author does not himself invest in individual stocks "given time constraints".) Unfortunately this book was not as interesting as his later book Bull's Eye Investing which provides a topical look at the current (high) level of the stock market and what strategies could work in the coming years - a more difficult topic in my opinion but ...more
Feb 03, 2018 rated it liked it
James Montier's book, Value Investing, provides a broad review of successful value-oriented investment methods plus a few common offsetting behavioral pitfalls. He argues that value investing is the only approach that puts risk management at the heart of portfolio construction. The book can be divided into two themes: assessing valuation and risk, and the importance of investor behavior in determining outcomes. On the latter, Montier has also written the well-regarded Little Book of Behavioral ...more
Aug 22, 2018 rated it it was amazing
James Montier is a former sellside strategist, author of several books, currently working at GMO, a privately held investment management firm. He still writes insightful material under GMO Insights, together with other very readable persons like Edward Chancellor and Jeremy Grantham. The book comes with recommendations from people like Seth Klarman and Michael Mauboussin and the foreword is written by Bruce Greenwald. I don’t think many books have more high profile recommendations that this.

Gleb Bazilevsky
Aug 03, 2018 rated it really liked it
This book (or rather, anthology of articles published by the author for the SG Group) was a helpful blend of concrete evidence and advice for value investing as well as a guide of behavioral finance. Montier lets his interests in value and investor behavior show as he progresses through the book in a well-structured way. However, the charts can be obtrusive and hard to follow, as they do not align with the text well and rarely have labeled axes.
Dec 26, 2019 rated it it was amazing
1. 这本书虽然是个论文集但其实是作者的ranting...JM有很丰富的实践经验..吐槽都是很精准的..经常援引BG的原文..我喜欢的风格 expository writing..我从来就没相信过CAMP理论..从不学金融的人理解投资反而容易一点点吧。

2. 积累知识积累知识...期待下一个8年

3. 2019年完成了读书计划.只不过这个网站太难添加了..否则每天上来写几句。

4. 买了一堆小本子..以后可以手写笔记。希望早一天全面告别电脑...2020的目标就是宅着写笔记+吃。
Apr 22, 2019 rated it really liked it
Very good overview of the benefits of value-investing..lots of research articles
Patrick Mak
Aug 18, 2019 rated it really liked it
A well-researched book. It integrates behavioral psychological concepts into value investing. But some of the chapters of the book are repetitive, especially late in the book.
Dec 21, 2016 rated it liked it
It's always nice to read a contrarian view, especially when it comes to value investing. Montier dispels a lot of popular finance theory, things like CAPM, forecasting, and DCF models etc. And while I agree that many theories from the ivory towers do not translate to the real life experience of investors, I found Montier's writing a little annoying. Countless typos aside (no editor?), many of his examples were strange, and his self-deprecating attitude got old fast.

I wanted to like this more,
Apr 02, 2011 rated it really liked it
Shelves: investing
James Montier is a disciple of the great value investors: Dodd, Graham, Grantham, Klarman, Templeton, Browne, Buffet, Munger, etc. And behavioral economists: Thaler, Kahneman, Shiller, and Tversky. His book "Value Investing" is a digestible and intelligent look at how the principles first laid out in 1934 by Benjamin Graham in his book "Security Analysis" are as true now as ever. Montier also, like his current colleague at GMO, Jeremy Grantham, leans heavily on behavioral science and modern ...more
Joel Gray
Sep 04, 2017 rated it really liked it

Value investors seem to do poorly relative to the m market for long periods of tie and make their strong relative performance in short periods (hard for most to tolerate this). It is easier to handle the reverse. ie long stretches of outperformance and shorter periods of under-performance = growth investors.

So loss aversion plays a pivotal role in dissuading people from becoming value investors.

For the
Matthias Jørgensen
Feb 17, 2016 rated it really liked it
Montier writes well. I think this book is one you should go through quickly and use the summaries if you are already in the value investing camp, as much (even too much) of the book is just backing to claims you probably already believe.

The start, especially the Reverse Discounted-cashflow technique, was very interesting. This book is more, in my opinion, a review and test of classic value-investor claims. It contains a lot of interesting information, and gets you in the mindset of a real value
Tyson Strauser
Jan 16, 2011 rated it liked it
Shelves: finance
Montier's work uses empirical evidence to support value investing principles. He cites multiple authors of important investing literature, quotes from other successful investors, and evidence from historical market data to support his views. Widely regarded as a "perma-bear" by most market observers, Montier makes the case for being bullish last year despite widespread concerns of deflation driven by leverage and credit contraction. Well written-'s book reminds us all to remain objective and ...more
Shauntelle James
Nov 18, 2012 rated it really liked it
This was an eye opener and an inciteful read. At times, readers can become mislead by the authors bullishness. However, the authors makes up for this with strong points of view. I was hoping the author would give some incite on the art history perspective but didn't. I learned for more from this book than I did from Corporate Finance. I hope I can use this knowledge in the real world.
Rob Kol
Jun 17, 2013 rated it it was amazing
Simply put, the best, most comprehensive book on value investing I've ever read. Every serious investor should have a copy in his or her library.
Aaron Taylor
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James Montier is an expert in behavioral finance, argues that investors would have a greater chance of spotting the formation of bubbles if they could only brush up on their history and have a greater awareness of human psychology. He has been a top-rated strategist in the annual Thomson Reuters Extel survey for the last five years. When not reading, writing, or speaking, Montier can usually be ...more
“They aren’t willing to simply take things” 0 likes
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