PART I WHY EVERYTHING YOU LEARNED IN BUSINESS SCHOOL IS WRONG 1 1 Six Impossible Things before Breakfast, or, How EMH has Damaged our Industry 3 2 CAPM is Crap 19 3 Pseudoscience and Finance: The Tyranny of Numbers and the Fallacy of Safety 29 4 The Dangers of Diversification and Evils of the RelativePerformance Derby 39 5 The Dangers of DCF 47 6 Is Value Really Riskier than Growth? Dream On 57 7 Deflation, Depressions and Value 65 PART II THE BEHAVIOURAL FOUNDATIONS OF VALUE INVESTING 73 8 Learn to Love Your Dogs, or, Overpaying for the Hope of Growth (Again!) 75 9 Placebos, Booze and Glamour Stocks 85 10 Tears before Bedtime 93 11 Clear and Present Danger: The Trinity of Risk 105