James Montier

Success in investing doesn’t correlate with IQ once you’re above the level of 100. Once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing
We don’t need to outsmart everyone else. We need to stick to our investment discipline, ignore the actions of others, and stop listening to the so-called experts (experts aren’t willing to simply take things)
Patience and discipline are much needed when the bottom-up search for value fails to uncover any investment of merit. If you can’t find something to invest in, then you are best off doing nothing at all
One big problem is that it will be tough to make comparisons from year to year. It’s going to be a huge up-and-down see-saw, … I’ve been eagerly awaiting this and now it looks nonsensical
Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions. The purchasers view the current good earnings as equivalent to “earning power” and assume that prosperity is synonymous with safety
Of course, if you hold a stock for just six months, you don’t care at all about the long term, you simply care about the next couple of quarterly earnings figures
Be aware that the market does not turn when it sees light at the end of the tunnel. It turns when all looks black, but just a subtle shade less black than the day before

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