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As a lifelong Contrarian investor - and coauthor of a best-selling book on the topic - there's one market truism I believe in with unfailing confidence.
Financial markets - from broad indices to individual stocks - overrun to the upside and overrun to the downside. You cash in by grabbing assets when they've overrun to the downside (are super cheap), and you sell them for a profit (or short them to create a new opportunity) when they've overrun to the upside (get pricey).
That was a central message of Contrarian Investing: How to Buy and Sell When Others Won't and Make Money Doing It, the book I co-wrote with noted Upstate New York money manager Anthony M. Gallea back in 1998.
In the years since, I guess I've become an "emissary" for Contrarian stock-picking: It's a strategy I really believe in, and is a subject I never get tired of talking about. It gives me a chance to explain the real "essence" of Contrarian stock-picking - while also dispelling the single-biggest misconception to this investing approach.
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