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’The latest ‘New Normal’ backlash(es)
The New New Normal apparently means to bash the old New Normal.
They say that three makes a trend in journalism. Never mind that we don’t know who “they” are, or that it’s quite a silly notion. We’ve got four examples of something interesting,
James Montier on the bond bubble
GMO’s James Montier has added his two-penneth to the bond bubble debate.
He reckons it is a largely sterile conversation because what investors should be asking themselves is whether bonds are a good investment at their current low levels.
James Montier on the value of dividends
FT Alphaville has been on a history kick lately, and thanks to James Montier — founder of the Behavioural Investing blog and a member of GMO’s asset allocation team — we can indulge it a bit longer.
Montier has just penned a new paper titled “A Man from a Different Time”,
Of fat tails and mean reversion
James Montier, proprietor of the excellent Behavioural Investing blog, has a post taking issue with a recent column in the FT by Richard Clarida and Mohamed El-Erian.
Specifically, Montier isn’t convinced by their assertion that investing based on mean-reversion will be “less compelling”
Lessons from olde worlde finaunce
James Montier, the former SocGen analyst now allocating assets at hedge fund GMO, is prone to occasional outbursts of macroeconomic theorizing.
He’s entered the austerity debate with his latest paper,
Surely he can’t still be bearish?
So began the presentation of Albert Edwards at SocGen’s ‘Alternative Strategy’ event at London’s Marriott Hotel Grosvenor Square on Tuesday.
In front of a packed Westminster Ballroom — we reckon around at least 400 people turned up — Edwards revealed,
In defence of EMH
Marco Annunziata, chief Economist at UniCredit Group, has fired a couple of rounds at critics of efficient markets hypothesis, including Soc Gen’s GMO’s James Montier and the FT’s Gillian Tett.
He says simplistic attempts to throw EMH out of the window will not help improve our understanding of financial markets or strengthen institutions to limit the risk of future crisis.
A suckers’ rally or the real deal?
The question is on quite a few lips right now. The Footsie is up 25 per cent in the space of two months, as has S&P 500 has risen some 34 per cent from its March 9 low.
James Montier at SocGen says he doesn’t have a clue.
When two bears fell out
An investment operation is one which, upon through analysis, promises safety of principal and a satisfactory return. Operations not meeting these requirements are speculative.
That’s a quote from legendary value investor Benjamin Graham and it features prominently in James Montier’s first piece of 2009.
Montier: ‘Analysts are rubbish’
Seemingly everyone, on both sides of the Atlantic, is now taking about recession. Even Mervyn King.
So why, asks SocGen’s James Montier in his latest issue of Mind Matters, is the investment research
Another one in the gut for analysts
Sell-side analysts are everyone’s favourite whipping boy. Even their bosses’ confidence has wavered. Graham Copley, HSBC’s global head of equity research last year told his team that their output was predominantly worthless.
“Perhaps I have lost the plot…”
At least we’re not the only ones.
Emerging markets are trading at the same multiple as developed markets, writes Dresdner Kleinwort’s James Montier in his latest Global Equity Strategy missive to clients.