view from the thames
DEON GOUWS: The Wolf of Dorp Street
It’s easy to be impressed by a rock star manager. But treat with caution. A solid track record is a better measure of success
14 March 2024 - 05:00
James Montier is a senior team member at leading investment house GMO and one of the brightest minds in financial services. In 2005, he produced a paper titled “Seven Sins of Fund Management”, which is a behavioural critique of some generally accepted practices in asset management.
One of the topics that he focuses on is meeting with the management teams of companies as part of the investment analysis process, which he describes as mutual love-ins. He bases his view, inter alia, on confirmation bias, as most of us tend to hear what we want to hear when we meet these captains of industry...
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