James Montier, the renowned strategist with fund manager GMO, was introduced to the CFA Society of the UK’s annual conference this week as the ‘enfant terrible’ of the investment profession – and promptly lived up to his reputation by slamming the way the CFA Institute teaches economics.

Montier said yesterday that by continuing to teach the efficient markets hypothesis and its intellectual children, such as the Value at Risk model widely used to describe risk in the financial industry, the CFA and other business educational organisations were contributing to the survival of dangerously misguided financial thinking.