Contrarianism has a long history in investing, and quite a bit of success as well. Graham and Dodd’s Security Analysis was an early investigation of the power of thinking independently as an investment framework. If you had to boil it down, Baron Rothschild’s maxim to buy when there’s blood in the streets sums it up nicely. Kipling’s poem “If…” does the trick too: “If you can keep your head when all about you are losing theirs…”

Continue reading →