As with his weekly column, James Montier's Value Investing is a must read for all students of the financial markets. In short order, Montier shreds the 'efficient market hypothesis', elucidates the pertinence of behavioral finance, and explains the crucial difference between investment process and investment outcomes. Montier makes his arguments with clear insight and spirited good humor, and then backs them up with cold hard facts. Buy this book for yourself, and for anyone you know who cares about their capital!—Seth Klarman, President, The Baupost Group LLCThe seductive elegance of classical finance theory is powerful, yet value investing requires that we reject both the precepts of modern portfolio theory (MPT) and pretty much all of its tools and techniques.In this important new book, the highly respected and controversial value investor and behavioural analyst, James Montier explains how value investing is the only tried and tested method of delivering sustainable long-term returns.James shows you why everything you learnt at business school is wrong; how to think properly about valuation and risk; how to avoid the dangers of growth investing; how to be a contrarian; how to short stocks; how to avoid value traps; how to hedge ignorance using cheap insurance. Crucially he also gives real time examples of the principles outlined in the context of the 2008/09 financial crisis.In this book James shares his tried and tested techniques and provides the latest and most cutting edge tools you will need to deploy the value approach successfully.It provides you with the tools to start thinking in a different fashion about the way in which you invest, introducing the ways of over-riding the emotional distractions that will bedevil the pursuit of a value approach and ultimately think and act differently from the herd.

正如他的每周专栏一样，詹姆斯·蒙蒂埃的《价值投资》是所有金融市场专业学生的必读读物。简而言之，蒙蒂尔粉碎了“有效市场假说”，阐明了行为金融学的相关性，并解释了投资过程和投资结果之间的关键区别。蒙蒂埃用清晰的洞察力和精力充沛的幽默表达了他的观点，然后用冷酷的事实来支持这些观点。买这本书给你自己，也给你认识的关心他们资本的人-Baupost Group LLCT总裁Seth Klarman古典金融理论的魅力是强大的，但价值投资要求我们摒弃现代投资组合理论（MPT）的戒律及其几乎所有的工具和技术。在这本重要的新书中，詹姆斯·蒙蒂尔是一位备受尊敬和争议的价值投资者和行为分析师，他解释了价值投资是如何成为提供可持续长期回报的唯一久经考验的方法；如何正确看待估值与风险；如何规避成长型投资的风险；如何成为一个逆向投资者；如何做空股票；如何避免价值陷阱；如何用廉价的保险来避免无知。关键的是，他还提供了在2008/09年金融危机背景下概述的原则的实时示例。在这本书中，詹姆斯分享了他久经考验的技术，并提供了成功部署价值方法所需的最新和最前沿的工具。它为你提供了从不同角度开始思考的工具时尚关于你的投资方式，介绍克服情绪干扰的方法，这些情绪干扰会困扰你对价值观的追求，并最终以不同于大众的方式思考和行动。