Executive Summary
In this paper, James Montier presents a set of principles that together form what he calls “The Seven Immutable Laws of Investing.” They are as follows:
- Always insist on a margin of safety
- This time is never different
- Be patient and wait for the fat pitch
- Be contrarian
- Risk is the permanent loss of capital, never a number
- Be leery of leverage
- Never invest in something you don’t understand
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