Value Investing - Tools And Techniques For Intelligent Investment 9780470683590 pdf 在线 2025 epub 免费 书籍 下载

　　Value Investing has been pioneered and is used by the world's

most famous investors, including Warren Buffett, Ben Graham, John

Templeton, Joel Greenblatt, Bruce Greenwald and many more. It

offers tried and tested techniques to making money out of buying

underpriced shares and securities.

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. This begs the question

why isn't everyone a value investor? In part, it is because value

investing requires a different mindset and the methods, approach

and conclusions of value investing are very different from those

taught in business schools and finance courses. In this book James

shares his tried and tested techniques and provides the latest and

most cutting edge tools and techniques you will need to deploy the

value approach successfully.

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 last 18

months.

在这本价值非凡的新书中，作为一位备受尊重同时也备受争议的价值投资者和行为分析师，詹姆斯·蒙蒂尔告诉我们，价值投资是行之有效、经过实践检验、能为投资者创造长期可持续收益的投资策略。詹姆斯告诉您，在商学院学到的东西何以成为谬论；如何正确思考市场估价和风险，如何避免成长型投资的危险；如何成为一个反向投资者；如何做空股票；如何规避价值陷阱；以及如何通过廉价保险规避无知的弊端。重要的是，他还用2008-2009年金融危机背景下的现实案例阐述了这些观点。

在《价值投资：通往理性投资之路》中，詹姆斯奉献出他在长期实践中积累起来的心得和经验，并为我们在实践中成功诠释价值投资策略提供了*、尖端的工具。

《价值投资：通往理性投资之路》提供的工具有助于我们以新的思维方式认识投资，克服那些经常诱使我们偏离价值正轨的情绪干扰，终以与众不同的思维和行为将价值原则付诸实践。

传统金融理论的优雅和魅力是无法抵挡的，因此，价值投资不仅需要我们彻底撇弃传统组合理论（MPT）乃至其所有的工具和技术。在这本价值非凡的新书中，作为一位备受尊重同时也备受争议的价值投资者和行为分析师，詹姆斯·蒙蒂尔告诉我们，价值投资是行之有效、经过实践检验、能为投资者创造长期可持续收益的投资策略。詹姆斯告诉您，为什么说在商业学校学到的某些东西是错误的；如何正确思考市场估价和风险，如何避免成长型投资的危险；如何成为一个反向投资者；如何做空股票；如何规避价值陷阱；以及如何通过廉价保险规避无知的弊端。重要的是，他还用2008～2009年金融危机背景下的现实案例阐述了这些观点。在《价值投资：通往理性投资之路》中，詹姆斯奉献出他在长期实践中积累起来的心得和经验，并为我们在实践中成功诠释价值投资策略提供了*、尖端的工具。《价值投资：通往理性投资之路》提供的工具有助于我们以新的思维方式认识投资，克服那些经常诱使我们偏离价值正轨的情绪干扰，终以与众不同的思维和行为将价值原则付诸实践。

Part I: Everything you learnt in Business School is wrong

1) The dead parrot of finance

2) Psuedoscience and finance

3) The relative performance derby: a key source of poor performance

4) The dangers of DCF

5) Is Value really risker than growth

　　James Montier is a member of GMO's asset allocation team.

Prior to that he was global strategist for Societe Generale and

Dresdner Kleinwort. He has been the top rated strategist in the

annual extel survey for most of the last decade. He is also the

author of three other books - Behavioural Finance (2000, Wiley),

Behavioural Investing (2007, Wiley) and The Little Book of

Behavioral Investing (Forthcoming, Wiley). James is a regular

speaker at both academic and practitioner conferences, and is

regarded as the leading authority on applying behavioural finance

to investment. He is a visiting fellow at the University of Durham

and a fellow of the Royal Society of Arts. He has been described as

a maverick, an iconoclast, an enfant terrible by the press.

詹姆斯·蒙蒂，GMO资产管理团队成员之一。此前，他曾担任法国兴业银行及德累斯顿银行全球策略师。他曾出版过三本轰动业界的畅销书：《行为金融学》（BEHAVIOURALFINANCE，2000）、《行为投资学》（BEHAVIOURALINVESTING，2007）以及《行为投资小册子》（THELTTLE

BOOK OF

BEHAVIOURALINvEsTING，2010）。詹姆斯始终是各种学术及实务操作会议上的焦点人物，他是把行为金融学运用到投资领域的鼻祖，更是毋庸置疑的权威研究家和实务操作大师。目前，他是杜伦大学（THE

UNIVERSITY OFDURHAM）访问学者及皇家艺术学会（THEROYAL SOCOEY OFARTS）会员。

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