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Home > Capital Markets Viewpoints > Only White Swans on the Road to Revulsion

Capital Markets Viewpoints

Only White Swans on the Road to Revulsion

by James Montier

Table of contents

Introduction

James Montier, an expert in behavioral finance, argues that investors would have a greater chance of spotting the formation of bubbles if they could only brush up on their history and have a greater awareness of human psychology. Co-head of global strategy at Société Générale, Montier has been described as an “enfant terrible” by Frankfurter Allgemeine Zeitung, an “iconoclast” by the Financial Times, a “maverick” by the Sunday Times and “a prophet” by Fast Company. Montier, who formerly worked as an equity strategist at Dresdner Kleinwort Wasserstein, NatWest Markets, and Bankers Trust, has been a top-rated strategist in the annual Extel survey for the last five years. He began mining behavioral economics, then an emerging discipline, to explain investors’ irrational behavior during the dotcom bubble. He is a visiting fellow of Durham University and a Fellow of the Royal Society of Arts. When not reading, writing, or speaking, Montier can usually be found swimming with sharks and blowing bubbles at fishes.

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Further reading

Books:

  • Galbraith, John Kenneth. A Short History of Financial Euphoria. London: Penguin Books, 1994.
  • Graham, Benjamin. Security Analysis. 6th ed. Maidenhead, UK: McGraw-Hill.
  • Montier, James. Behavioral Investing: A Practitioner’s Guide to Applying Behavioral Finance. Chichester, UK: Wiley, 2007.
  • Montier, James. Behavioral Finance: Insights into Irrational Minds and Markets. Chichester, UK: Wiley, 2000.
  • Shiller, Robert. Irrational Exuberance. 2nd ed. New York: Broadway Books, 2006.
  • Watkins, Michael, and Max Bazerman. Predictable Surprises: The Disasters You Should Have Seen Coming, and How to Prevent Them. Cambridge, MA: Harvard Business Press, 2004.

Article:

  • Langer, E. J. “The illusion of control.” Journal of Personality and Social Psychology 32:2 (1975): 211–328.

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