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Fundville » GMO’s James Montier: Was It All Just A Bad Dream? Or, Ten Lessons Not Learnt



Our post of GMO’s Edward Chancellor “China’s Red Flags” - Another White Paper on China Bubble attracted many visitors from a lot of different areas. To insiders of Wall Street, anything comes out GMO is usually a must read because GMO is such an investment power house. Today we introduce another great white paper produced by GMO: James Montier: Was It All Just A Bad Dream? Or, Ten Lessons Not Learnt.

James Montier wrote:

It appears as if the market declines of 2008 and early 2009 are being treated as nothing more than a bad dream, as if the investment industry has gone right back to business as usual. This extreme brevity of financial memory is breathtaking. Surely, we should attempt to look back and learn something from the mistakes that gave rise to the worst period in markets since the Great Depression.

……

Lesson 1: Markets aren’t efficient.

Lesson 2: Relative performance is a dangerous game.

Lesson 3: The time is never different.

Lesson 4: Valuation matters.

……

It’s an extremely well written paper and has cut teeth into many tough issues facing the investing universe. To view the entire paper, users can also go to GMO’s website directly or download .PDF file here.

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