Montier's Ten Lessons

From one of James Montier's recent presentations on investing and money management:

1. Markets Aren’t Efficient
2. Relative Performance is a Dangerous Game
3. This Time is Never Different
4. Valuation Matters (in the Long Run)
5. Wait for the “Fat” Pitch
6. Sentiment Matters
7. Leverage Can’t Turn a Bad Investment Good
8. Beware of Over Quantification
9. There is No Substitute for Skepticism
10. The Benefits of Cheap Insurance