James Montier’s Latest Strategy Report: The Trinity Of Risk

I found this via Investor’s Consigliere & Value Investor Insight.

I was lucky to meet James Montier in NYC, he’s the real deal. James is the type of guy you meet and want to come to your wedding.  Be sure to read both of this books and his research reports.

Introduction (Via James Montier)

Despite risk appearing to be one of finance’s favourite four letter words, it remains finance’s
most misunderstood concept. Risk isn’t a number, it is a concept or a notion. From my
perspective, risk equates to what Ben Graham called a “permanent loss of capital”. Three
primary (although interrelated) sources of such danger can be identified: valuation risk,
business/earnings risk, and balance sheet/financial risk. Rather than running around
obsessing on the pseudoscience of risk management, investors should concentrate on
understanding the nature of this trinity of risks.

Click Here To Read James Montier’s Latest Strategy Report On Risk