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Value Investing: Tools and Techniques for Intelligent Investment by James Montier

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Chapter 15. The Tao of Investing: The Ten Tenets of My Investment Creed[15]

  • Tenet I: Value, value, value. Value investing is the only safety first approach I have come across. By putting the margin of safety at the heart of the process, the value approach minimizes the risk of overpaying for the hope of growth.

  • Tenet II: Be contrarian. Sir John Templeton observed that 'It is impossible to produce superior performance unless you do something different from the majority'.

  • Tenet III: Be patient. Patience is integral to a value approach on many levels, from waiting for the fat pitch, to dealing with the value managers' curse of being too early.

  • Tenet IV: Be unconstrained. While pigeon-holing and labelling are fashionable, I am far from convinced that they aid investment. Surely I should be free to exploit value opportunities wherever they may occur.

  • Tenet V: Don't ...

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