Montier Bitch Slaps Efficient Market Theory
Posted on | January 23, 2010 | No Comments
As readers of my blog know I have never believed in the Efficient Market Hypothesis. It is just plain stupid. Here is a speech from the brilliant James Montier humiliating the idea, using cartoon characters in the process. Definitely check it out if you haven’t. I must thank Miguel at Simoleon Sense for leading me to this speech and James Montier in particular.
Ultimately, Montier delivers a prescription “towards a better way of Investing.”
He sums it up like this:
- Focus on Maximum real return after tax
- Value, Value, Value
- Be Contrarian
- Be Patient
- Be Unconstrained
- Don’t Forecast
- Cycles matters
- History Matters
- Be Skeptical
- Be Top Down and Bottom up
- Treat your clients as you (sic)
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