James Montier at GMO just released this.https://www.gmo.com/America/CMSAtta...8ZBMMF1ZmP98sWp3Zh09IBEEyuWGp9d5w3tXNKDBi1g==
A very good read. Registration (free) is required. His summary:
1. Always insist on a margin of safety
2. This time is never different
3. Be patient and wait for the fat pitch
4. Be contrarian
5. Risk is the permanent loss of capital, never a number
6. Be leery of leverage
7. Never invest in something you don’t understand
It helps to be reminded of these things every once in a while.
A very good read. Registration (free) is required. His summary:
1. Always insist on a margin of safety
2. This time is never different
3. Be patient and wait for the fat pitch
4. Be contrarian
5. Risk is the permanent loss of capital, never a number
6. Be leery of leverage
7. Never invest in something you don’t understand
It helps to be reminded of these things every once in a while.