Latticework Investor

Post from My Investing Notebook that has a presentation from James Montier.

The summary slide lists 10 lessons (not) learnt

1. Markets aren’t efficient
2. Relative performance is a fool’s game
3. This time is never different
4. Valuation matters
5. Wait for the fat pitch
6. Sentiment matters
7. Leverage can’t make a bad investment good
8. Beware of over-quantification
9. There is no substitute for scepticism
10. Don’t underestimate the use of cheap insurance