The Best Global Financial Strategy Team in the World For the message board poster, "Teachme". <<<Trying to think about value without the context of the balance sheets side of the equation, to my mind, is pretty meaningless." This focus is especially important to Montier with regard to dividends. "The problem with dividends is that, again, fund managers ignore the balance sheet, so people have been happy to take the income stream, forgetting it is being generated by over leveraged instit...