James Montier on the Difficult Environment for Value Investors

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James Montier on the Difficult Environment for Value Investors
Image source: <a href="https://livestream.com/livecfa/EIC-Montier/videos/65181626">CFA Institute Video Screenshot</a>

James Montier on the Difficult Environment for Value Investors

Investors are facing “the most difficult opportunity set,” they can face according to a recent Opalesque Radio interview with James Montier. James Montier is a member of GMO’s Asset Allocation team. Montier an expert on Behavorial finance has authored several books including, The Little Book of Behavioral InvestingBehavioural Investing, and Value Investing. He says that under current market conditions, investors may have a hard time finding cheap opportunities. For value investors like Montier, it can be difficult to participate in markets like this.

“We now find ourselves in a world where everything is expensive,” Montier says noting that even holding cash is going to be punished as the US Federal Reserve bank is pushing investors to create a new bubble, albeit more rational than the last.

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Listen to the complete feature
“This is a waiting game”

Duration: 07:44  Play Audio
Or listen to selected sub-features
    • Q1 – Asset allocation “when the Fed spikes the punch bowl”.

      Duration: 01:59  Play Audio

    • Q2 – Thoughts on the opportunity set within commodities?

      Duration: 00:58  Play Audio

    • Q3 – Identifying investment opportunities now: where and which might they be?

      Duration: 00:55  Play Audio

    • Q4 – What in your view are likely exogenous shock factors and what could be in the short term, some of the opportunities they would lead to?

      Duration: 01:25  Play Audio

    • Q5 – What makes this particular investment environment so challenging?

      Duration: 01:04  Play Audio

  • Q6 – The rationale for adjusting equity exposure allocations in the context of financial repression; and the role that dividend yields play in raising equity exposure.

    Duration: 01:23  Play Audio

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