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OverviewFull Product DetailsAuthor: Alastair MundyPublisher: Harriman House Publishing Imprint: Harriman House Publishing Dimensions: Width: 15.60cm , Height: 1.30cm , Length: 23.40cm Weight: 0.463kg ISBN: 9780857192561ISBN 10: 0857192566 Pages: 210 Publication Date: 17 October 2012 Recommended Age: From 18 years Audience: General/trade , General Format: Hardback Publisher's Status: Active Availability: In Print This item will be ordered in for you from one of our suppliers. Upon receipt, we will promptly dispatch it out to you. For in store availability, please contact us. Table of ContentsAcknowledgements About the Author Introduction 1. You Say Tomayto: Beneath the Skin of Contrarian Investing You say tomayto Too scared to watch? Portfolio concentration - separating the good from the great The risks of structural decline - a requiem to fondue sets Mean reversion - whatever goes up probably comes down Tesco - every little helps margins revert Risk management - dinner party do's and don'ts Stretching the analogy Navel gazing Contrarian investing - cycling through the haze 2. Circles of Competence: Expertise, Luck, or Sheer Bloody-Mindedness? Circles of competence - Tony the Cabbie Expertise - keep practising Intuition - I knew that was going to happen Luck - an unlucky general Scepticism - 'Gullible? Me?' Patience - as long as it takes Errors - check the checklist 3. Fancy a Crunchie? The Relentless Quest for Value Fancy a Crunchie? Not at that price The perfect stock Falling knives I - have you lost your nerve? Falling knives II - dealing with the losers What's the catalyst? Are shorters evil? Correlations - not so simple Large cap investing - does size matter? Investing in IPOs - what's not to like? 4. A Psycho in the Boardroom? Quizzing Company Management A psycho in the boardroom? When chaff looks like wheat Accounting tricks - where's the potato? Remuneration - when's enough, enough? Cost-cutting - too good to be true? 5. Chancellor for a Day: The Perils of Economic Forecasting Chancellor for a day Economic forecasting I - what's the point? Economic forecasting II - sure thing? Deeply double dippy 6. A Night on the Town: 'Out with the Crowd' on Behavioural Finance Behavioural finance - a night on the town Framing - the benefit of the doubt? Nostalgia bias - Nostalgia's not what it used to be How many spectators does it take to trigger a Mexican Wave? Being Wrong - did I really say that? Overconfidence? No, I'm just right, I'm sure Availability bias - Thinking, Fast and Slow Risk aversion - the attraction of the uninvestable 7. Meet the Monkeys: Fund Management and Mismanagement Star fund managers - meet the monkeys Organogram chaos - specialists versus generalists Mis-selling - snake oil everywhere? Marketing - weasel words I Marketing - weasel words II Surveys - 9 out of 10 Cats 8. Colin the Contrarian: Tall Tales and Other Confessions Colin the Contrarian - a cautionary tale The 12 myths of investment - a presentation Original thinking Bye, bye Paddy Can't give up the girl Packing her in for good It's just not cricket! Kissing frogs, and five other things Postscript The Audience Fights Back Further Reading - Build Your Own Book Mountain GlossaryReviews"""It provides a wealth of thoughtful advice and a good pinch of modesty. I would suggest any budding contrarian, or long-term value investors read this book which captures the wisdom, and humour of a brilliant contrarian investor."" --Peter Lowman, CIO, Investment Quorum ""If you want to know how a good investment manager makes money from the stock market, even when they seem to be going against the crowd, this book is a must read. Mundy's insight into the dark mysterious world of professional fund management is refreshing, candid and invaluable."" --Jeff Prestridge, Personal Finance Editor, Financial Mail on Sunday ""Alastair Mundy is one of the greatest contrarians. His new book provides an absolutely essential public service, reminding investors that just because something is popular doesn't make it right, sensible or even worth the price! Crucially this contrarian wisdom, rolled up in this excellent new book, comes with one big plus for the active investor - Alastair is no armchair contrarian as he's been putting his money where his mouth is for many years as a successful fund manager."" --David Stevenson, columnist for Investment Week and the Financial Times ""Any book about investment which can legitimately include Curly Wurlys, cricket, fondue sets and Warren Buffett has got to be worth a read. Mundy's book is witty, insightful and nicely punctures a lot the pomposity of fund managers while reminding us all quite important managing people's money properly is. I laughed continuously throughout but was nodding in agreement with a lot of the simple and sensible messages in these highly readable musings. This book should be read at the height of a bull market or the bottom of a bear market because common sense should always be in vogue but sadly isn't very often."" --Lawrence Gosling, founding editor, Investment Week ""This is an excellent insight into the thoughts of one of the best investors in the UK, Alastair Mundy. Mundy cuts through the fog of investment double-speak to produce a genuinely interesting book about contrarian investing. This is an excellent book for those that wish to gain some insight into how to invest away from the crowd in a sensible, disciplined way and is written by an expert with the layman in mind."" --Marcus Brookes, Director, Cazenove Capital Management ""Alastair Mundy and his cohorts tirelessly challenge the conventions of the investment world and their contrarian approach has made their clients lots of money. Investors cannot afford to ignore his perspective. It works!"" --Richard RomerLee, Managing Director of European Investment Consulting, Morningstar OBSR ""It has been my privilege to have worked with Alastair Mundy for more than a decade and hopefully many more years in the future. While many investors pay lip service to contrarian investing, he is the real deal. His results confirm this. He sees things differently but he also says it as it is. He communicates clearly in plain English as befits his combination of razor sharp mind and impressive modesty."" --Hendrik du Toit, CEO, Investec Asset Management" It provides a wealth of thoughtful advice and a good pinch of modesty. I would suggest any budding contrarian, or long-term value investors read this book which captures the wisdom, and humour of a brilliant contrarian investor. --Peter Lowman, CIO, Investment Quorum If you want to know how a good investment manager makes money from the stock market, even when they seem to be going against the crowd, this book is a must read. Mundy's insight into the dark mysterious world of professional fund management is refreshing, candid and invaluable. --Jeff Prestridge, Personal Finance Editor, Financial Mail on Sunday Alastair Mundy is one of the greatest contrarians. His new book provides an absolutely essential public service, reminding investors that just because something is popular doesn't make it right, sensible or even worth the price! Crucially this contrarian wisdom, rolled up in this excellent new book, comes with one big plus for the active investor - Alastair is no armchair contrarian as he's been putting his money where his mouth is for many years as a successful fund manager. --David Stevenson, columnist for Investment Week and the Financial Times Any book about investment which can legitimately include Curly Wurlys, cricket, fondue sets and Warren Buffett has got to be worth a read. Mundy's book is witty, insightful and nicely punctures a lot the pomposity of fund managers while reminding us all quite important managing people's money properly is. I laughed continuously throughout but was nodding in agreement with a lot of the simple and sensible messages in these highly readable musings. This book should be read at the height of a bull market or the bottom of a bear market because common sense should always be in vogue but sadly isn't very often. --Lawrence Gosling, founding editor, Investment Week This is an excellent insight into the thoughts of one of the best investors in the UK, Alastair Mundy. Mundy cuts through the fog of investment double-speak to produce a genuinely interesting book about contrarian investing. This is an excellent book for those that wish to gain some insight into how to invest away from the crowd in a sensible, disciplined way and is written by an expert with the layman in mind. --Marcus Brookes, Director, Cazenove Capital Management Alastair Mundy and his cohorts tirelessly challenge the conventions of the investment world and their contrarian approach has made their clients lots of money. Investors cannot afford to ignore his perspective. It works! --Richard RomerLee, Managing Director of European Investment Consulting, Morningstar OBSR It has been my privilege to have worked with Alastair Mundy for more than a decade and hopefully many more years in the future. While many investors pay lip service to contrarian investing, he is the real deal. His results confirm this. He sees things differently but he also says it as it is. He communicates clearly in plain English as befits his combination of razor sharp mind and impressive modesty. --Hendrik du Toit, CEO, Investec Asset Management Author InformationAuthor Website: http://www.harriman-house.com/pages/authors.htm?Index=17389&Author=Alastair_MundyAlastair Mundy grew up in East London convinced he would be the first British Wimbledon Men's Singles Champion since Fred Perry. For reasons best known to him, he studied Actuarial Science at City University, London, but after battling his way through the course decided actuarial work was far too boring. Alastair's first job in the real world was a brief stint analysing British government debt (gilts), which drove him to find a position as an equity analyst. He currently works at Investec Asset Management, where he has headed the Contrarian Equity Team for ten years. He is married with three children and remains committed to mastering his second serve. Tab Content 6Author Website: http://www.harriman-house.com/pages/authors.htm?Index=17389&Author=Alastair_MundyCountries AvailableAll regions |
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