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

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Chapter 21. Going Global: Value Investing without Boundaries[21]

  • As regular readers of Mind Matters will know, I favour an unconstrained approach to investing. This preference reflects both a belief that one should be allowed to exploit the opportunities whenever and wherever they arise. And also a belief that risk isn't measured by numbers such as the standard deviation, which renders most 'risk management' futile and means that tracking error has no meaning.

  • However, I also regularly extol the benefits of confronting beliefs with empirical evidence. Thus it behoves me to show that my beliefs aren't at odds with reality. So does an unconstrained value-oriented approach work? I am relieved to say yes. For instance, looking at the individual performance across a group of major developed markets, value tends to outperform ...

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