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

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Chapter 20. Confused Contrarians and Dark Days for Deep Value[20]

  • Our recent client meetings have confirmed a pattern that our deep value screens have been picking up: times are truly torrid for those following a sensible approach to investment. This view is echoed by the poor performance of purchases from some of the very best long-term value managers, down some 19% so far this year. Of course, they also often hold significant cash levels, and tend to view price declines as opportunities to buy more of their favourite stocks (assuming nothing fundamental has changed).

  • Unfortunately, in a world in which investors seem to have developed a chronic case of attention deficit hyperactivity disorder (ADHD), short-term underperformance is punished severely. However, underperformance may well be the by-product of a sensible investment strategy. The Brandes Institute ...

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