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John Mauldin's Outside the Box

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  • In Defense of the “Old Always”

    Long time readers of Outside the Box are familiar with the name of James Montier, who is now with GMO in their London office. Today, James, with his usual acerbic wit, takes on the notion of the “New Normal” and offers us a defense of the “Old Always.” James is a value investor and sees mean reversion as still alive and kicking, where some proponents of the New Normal think we should throw out all of the old aphorisms. While I am in the New Normal camp, I also agree with James. This makes for some quick and thought–provoking reading.

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