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Value Investing: Tools and Techniques for Intelligent Investment Hardcover – 23 Oct 2009

3.3 out of 5 stars 23 customer reviews

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Product details

  • Hardcover: 424 pages
  • Publisher: John Wiley & Sons; 1 edition (23 Oct. 2009)
  • Language: English
  • ISBN-10: 0470683597
  • ISBN-13: 978-0470683590
  • Product Dimensions: 17.5 x 2.8 x 25.1 cm
  • Average Customer Review: 3.3 out of 5 stars  See all reviews (23 customer reviews)
  • Amazon Bestsellers Rank: 287,135 in Books (See Top 100 in Books)
  • See Complete Table of Contents

Product Description

Review

Any disciple of value investing will benefit greatly from reading this book. (UK Analyst.com, May 2011).

From the Inside Flap

"James Montier combines a profound understanding of behaviorial finance with a fierce adherence to the tried and tested principles of value–investing. He is always readable, thought–provoking and, above all, correct."
Edward Chancellor, author of Devil Take the Hindmost: A history of financial speculation

"James′ latest effort is a must read. It combines great academic and practitioner approaches written in a humorous and entertaining style. It has practical real world examples that don′t require advanced mathematics to comprehend. I advise everyone to read and study this wonderful book. All of my students now have Value Investing: Tools and Techniques for Intelligent Investment to add to their required reading."
Mark Cooper, Partner at Omega Advisors & Adjunct Professor at Columbia Business School

"A preponderance of evidence shows that successful long–term investing requires a strong value orientation and a proper temperament, virtues commonly blunted by behavioural and incentive–based biases. Montier, a leading light in value investing and behavioural finance, shows you what s wrong with standard investment thinking and offers important insight into how to improve your process. Read Value Investing, live its lessons, and prosper."
Michael J. Mauboussin, Chief Investment Strategist at Legg Mason Capital Management, and author of Think Twice: Harnessing the Power of Counterintuition

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Customer Reviews

Top Customer Reviews

Format: Hardcover
Whilst it's always interesting to read Montier's views on investing - especially the details of the cognitive traps we regularly fall into (which are the reason that markets are not and never will be fully efficient) - this book is actually a collection of the regular papers he wrote whilst an analyst at two different investment banks in London (DKW & soc-gen).

Even though they are grouped into themes, the different chapters are mostly stand alone thought pieces that give Montier an outlet for his frustrations with the majority of investors. It's a bit cheeky of him to sell a collection of past papers (however interesting and well put together) as a 'how to' book on value investing. It's more of a "world according to James". Still, I've enjoyed what I've read already & it's always good to read a contrarian view on the market from an insider. Most insiders are too worried about "career risk" or too focused on the next bonus to be as honest. Shame.

For readers looking for a more practical guide for the individual investor I'd recommend John Kay's excellent "The Long & Short of it"

The Long and the Short of it: A Guide to Finance and Investment for Normally Intelligent People Who Aren't in the Industry
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Format: Hardcover
Well argued, easy-to-read analysis of why value investing works. Missed out on 5 stars only because its genesis as a collection of disjoint articles showed through and slightly gets in the way if you want to read it cover-to-cover. Having said that, this structure makes it easier to dip into if you choose to approach the book that way.

As each chapter begins with a text box summarizing the main point in a single para, then a one page summary in a few bullets, it is easy to decide if you are interested in each topic. Personally I skipped straight to the main text in order to minimize the feeling of repetition - though each to their own learning style.

At the end of the book you'll have a set of solid ideas on what you should be doing. Do not expect a simple recipe for how to cook up a perfect portfolio, though. There is a lot of detailed work required to implement those ideas - which is no doubt where Mr Montier and his fellow value investment experts earn their money!
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Format: Hardcover
I have to be critical of this book in as much as it is not for the average reader. It is an academic thesis based firstly on decrying efficient market theory. It is guilty of committing the primary sin it identifies. Using excessive amounts of numerical so called evidence that blinds the reader with science. This is exactly how the author criticises EMT.

I am a value investor. I know EMT is rubbish. Get over that and discuss value investing as the book initially promises.

If you are looking for a series of articles that provide evidence against EMT then this book is for you. If, like me, you are looking for some useful tools and techniques in relation to value investing then there are far better books out there.
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Format: Kindle Edition Verified Purchase
This book is both informative and practical and for the most part very funny also. If you don't with in finance, some of the language will be a little mystifying but if you are used to reading the mountains of rubbish that most analysts produce to keep their jobs, this is a most refreshing. Also worth noting is that much of his views were validated by the test of time (I speak from experience of trading thro the credit crisis) - again somewhat unique from sell side analysts (no wonder he's now at GMO not SG!).

No it isn't a how to book like "The Intelligent Investor" but I would read this before embarking on setting up a portfolio of your own - intact just read it anyway.
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Format: Hardcover
Written in insider propeller-head language and is therefore utterly impenetrable to anyone else. Unless you've got a background in investment banking or work on Wall Street or in the City of London and have relevant knowledge of what the author is talking about, then it's best avoided at all costs. Otherwise it's like banging your head on the door post and about as much use. It's best to find something a little bit more down to earth and save yourself a lot of grief.
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Format: Hardcover
For those looking for the tools and techniques for intelligent investment then Benjamim Graham's "The Intelligent Investor" is vastly superior to this book. James Montier's knowledge of value investing theory is excellent and investors will definitely benefit from reading his book, but Graham's book is far more instructive and can be easily used by the private investor. Followers of Graham also have the security of knowing that he was a very successful practitioner of value investing whilst James Montier's contribution is more academic.

More importantly, this book highlights the major failings of a large proportion of investment professionals. The Ten Tenets of James's investment creed (Chapter 15) represents a thoroughly decent and honest guide to manage other people's money. If more investment professionals adhered (or were allowed to by their employers) to these rules then perhaps the customers of investment companies would receive a better deal than they have historically.

This is a good book and is well written but buy Graham's book if you want to try value investing for yourself.
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