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Unsourced material may be challenged and removed.<br /><small><span class="plainlinks"><i>Find sources:</i> <a rel="nofollow" class="external text" href="https://www.google.com/search?as_eq=wikipedia&q=%22Contrarian+investing%22">"Contrarian investing"</a> – <a rel="nofollow" class="external text" href="https://www.google.com/search?tbm=nws&q=%22Contrarian+investing%22+-wikipedia&tbs=ar:1">news</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?&q=%22Contrarian+investing%22&tbs=bkt:s&tbm=bks">newspapers</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?tbs=bks:1&q=%22Contrarian+investing%22+-wikipedia">books</a> <b>·</b> <a rel="nofollow" class="external text" href="https://scholar.google.com/scholar?q=%22Contrarian+investing%22">scholar</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.jstor.org/action/doBasicSearch?Query=%22Contrarian+investing%22&acc=on&wc=on">JSTOR</a></span></small></span> <span class="date-container"><i>(<span class="date">June 2015</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-No_footnotes plainlinks metadata ambox ambox-style ambox-No_footnotes" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Text_document_with_red_question_mark.svg/40px-Text_document_with_red_question_mark.svg.png" decoding="async" width="40" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Text_document_with_red_question_mark.svg/60px-Text_document_with_red_question_mark.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Text_document_with_red_question_mark.svg/80px-Text_document_with_red_question_mark.svg.png 2x" data-file-width="48" data-file-height="48" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">This article includes a <a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources">list of references</a>, <a href="/wiki/Wikipedia:Further_reading" title="Wikipedia:Further reading">related reading</a>, or <a href="/wiki/Wikipedia:External_links" title="Wikipedia:External links">external links</a>, <b>but its sources remain unclear because it lacks <a href="/wiki/Wikipedia:Citing_sources#Inline_citations" title="Wikipedia:Citing sources">inline citations</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Wikipedia:WikiProject_Fact_and_Reference_Check" class="mw-redirect" title="Wikipedia:WikiProject Fact and Reference Check">improve</a> this article by <a href="/wiki/Wikipedia:When_to_cite" title="Wikipedia:When to cite">introducing</a> more precise citations.</span> <span class="date-container"><i>(<span class="date">February 2008</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> </div> </div><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p><b>Contrarian investing</b> is an <a href="/wiki/Investment_strategy" title="Investment strategy">investment strategy</a> that is characterized by purchasing and selling in contrast to the prevailing sentiment of the time.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>A contrarian believes that certain <a href="/wiki/Crowd_behavior" class="mw-redirect" title="Crowd behavior">crowd behavior</a> among investors can lead to exploitable mispricings in securities markets. For example, widespread <a href="/wiki/Pessimism" title="Pessimism">pessimism</a> about a <a href="/wiki/Share_capital" title="Share capital">stock</a> can drive a price so low that it overstates the company's risks, and understates its prospects for returning to profitability. Identifying and purchasing such distressed stocks, and selling them after the company recovers, can lead to above-average gains. Conversely, widespread <a href="/wiki/Optimism" title="Optimism">optimism</a> can result in unjustifiably high valuations that will eventually lead to drops, when those high expectations do not pan out. Avoiding investments in over-hyped investments reduces the risk of such drops. These general principles can apply whether the investment in question is an individual stock, an industry sector, or an entire market or any other <a href="/wiki/Asset_class" class="mw-redirect" title="Asset class">asset class</a>. </p><p>Some contrarians have a permanent <a href="/wiki/Bear_market" class="mw-redirect" title="Bear market">bear market</a> view, while the majority of investors bet on the market going up. However, a contrarian does not necessarily have a negative view of the overall stock market, nor do they have to believe that it is always overvalued, or that the <a href="/wiki/Conventional_wisdom" title="Conventional wisdom">conventional wisdom</a> is always wrong. Rather, a contrarian seeks opportunities to buy or sell specific investments when the majority of investors appear to be doing the opposite, to the point where that investment has become mispriced. While more "buy" candidates are likely to be identified during market declines (and vice versa), these opportunities can occur during periods when the overall market is generally rising or falling. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Similarity_to_value_investing">Similarity to value investing</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Contrarian_investing&action=edit&section=1" title="Edit section: Similarity to value investing"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Contrarian investing is related to <a href="/wiki/Value_investing" title="Value investing">value investing</a> in that the contrarian is also looking for mispriced investments and buying those that appear to be undervalued by the market. In "The Art of Contrary Thinking" (1954) by Humphrey B. Neill; considered influential by some in contrarian thinking, he notes it is easy to find something to go contrary to, but difficult to discover when everybody believes it.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> He concludes "when everybody thinks alike, everybody is likely to be wrong." Some well-known value investors such as <a href="/wiki/John_Neff" title="John Neff">John Neff</a> have questioned whether there is a such thing as a "contrarian", seeing it as essentially synonymous with value investing. One possible distinction is that a value stock, in finance theory, can be identified by financial metrics such as the <a href="/wiki/Book_value" title="Book value">book value</a> or <a href="/wiki/P/E_ratio" class="mw-redirect" title="P/E ratio">P/E ratio</a>. A contrarian investor may look at those metrics, but is also interested in measures of "sentiment" regarding the stock among other investors, such as sell-side analyst coverage and earnings forecasts, trading volume, and media commentary about the company and its business prospects. </p><p>In the example of a stock that has dropped because of excessive pessimism, one can see similarities to the "margin of safety" that value investor <a href="/wiki/Benjamin_Graham" title="Benjamin Graham">Benjamin Graham</a> sought when purchasing stocks—essentially, being able to buy shares at a discount to their <a href="/wiki/Intrinsic_value_(finance)" title="Intrinsic value (finance)">intrinsic value</a> with an additional margin to adjust for possible errors in one's calculations. Arguably, that margin of safety is more likely to exist when a stock has fallen a great deal, and that type of drop is usually accompanied by negative news and general pessimism. </p> <div class="mw-heading mw-heading2"><h2 id="Notable_contrarian_investors">Notable contrarian investors</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Contrarian_investing&action=edit&section=2" title="Edit section: Notable contrarian investors"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Bill_Ackman" title="Bill Ackman">Bill Ackman</a> is a contrarian investor who twice reinvested heavily in beaten-down Valeant Pharmaceuticals against prevailing market sentiments. Later, he short-sold Herbalife, but was forced to take a large loss after the stock failed to fall as predicted.</li> <li><a href="/wiki/Warren_Buffett" title="Warren Buffett">Warren Buffett</a> is a famous contrarian, who believes the best time to invest in a stock is when <a href="/wiki/Shortsightedness" class="mw-redirect" title="Shortsightedness">shortsightedness</a> of the market has beaten down the price.</li> <li><a href="/wiki/Dodge_%26_Cox" title="Dodge & Cox">Dodge & Cox</a> is an American investing firm whose approach has been characterized as contrarian.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Michael_Lee-Chin" title="Michael Lee-Chin">Michael Lee-Chin</a> is a Jamaican billionaire investor who is often associated with contrarian investing.</li> <li><a href="/wiki/Jim_Rogers" title="Jim Rogers">Jim Rogers</a> is an investor and author who is bullish on contrarian investing in Asian markets.</li> <li><a href="/wiki/Marc_Faber" title="Marc Faber">Marc Faber</a> is a contrarian investor who publishes the <i>Gloom Boom & Doom Report</i>.</li> <li><a href="/wiki/David_Dreman" title="David Dreman">David Dreman</a> is a money manager often associated with contrarian investing. He has authored several books on the topic and writes the "Contrarian" column in <i><a href="/wiki/Forbes_magazine" class="mw-redirect" title="Forbes magazine">Forbes magazine</a></i>.</li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a> was an early contrarian investor.</li> <li><a href="/wiki/John_Neff_(investor)" class="mw-redirect" title="John Neff (investor)">John Neff</a>, who managed the Vanguard Windsor fund for many years, is also considered a contrarian, though he has described himself as a value investor (and questioned the distinction).</li> <li><a href="/wiki/Mark_Ripple" title="Mark Ripple">Mark Ripple</a> is a money manager often described as a contrarian. He has authored a book covering the topic in detail.</li> <li><a href="/wiki/Paul_Tudor_Jones" title="Paul Tudor Jones">Paul Tudor Jones</a> is a contrarian investor who attempts to buy and sell turning points.</li> <li><a href="/wiki/Howard_Marks_(investor)" title="Howard Marks (investor)">Howard Marks</a> regularly focuses his client memos on contrarian investing.</li> <li>Humphrey B. Neill has been described as the father of contrary investing; see his book cited above.</li> <li><a href="/wiki/Keith_Gill" title="Keith Gill">Keith Gill</a> is a deep value contrarian investor and YouTuber who championed GameStop, leading to over 10,000% gains and $44 million in 2 years from an initial $53,000 bet on the downtrodden stock.</li> <li><a href="/wiki/Allan_Gray_(investor)" title="Allan Gray (investor)">Allan Gray</a> was a noted South African contrarian investor that believed the best value was typically to be had when the market was down.</li> <li><a href="/wiki/George_Soros" title="George Soros">George Soros</a> is often described as a visionary contrarian investor by analysts who cite his famous shorting of the yen and pound, an act that netted him $2 billion in profits.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading2"><h2 id="Examples">Examples</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Contrarian_investing&action=edit&section=3" title="Edit section: Examples"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Economist <a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a> was an early contrarian investor when he managed the endowment for <a href="/wiki/King%27s_College,_Cambridge" title="King's College, Cambridge">King's College, Cambridge</a> from the 1920s to '40s. While most university endowments of the time invested almost exclusively in land and fixed income assets, Keynes was perhaps the first institutional investor to invest heavily in common stocks and international stocks. On average, Keynes's investments out-performed the U.K. market by more than 6% with a strategy similar to, but developed independently of, the <a href="/wiki/Value_investing" title="Value investing">value investing</a> paradigm of <a href="/wiki/Benjamin_Graham" title="Benjamin Graham">Benjamin Graham</a> and <a href="/wiki/Charles_Dodd" class="mw-redirect" title="Charles Dodd">Charles Dodd</a>.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p><p>Commonly used contrarian indicators for investor sentiment are <a href="/wiki/Volatility_(finance)" title="Volatility (finance)">Volatility</a> Indexes (informally also referred to as "Fear indexes"), like <a href="/wiki/VIX" title="VIX">VIX</a>, which by tracking the prices of <a href="/wiki/Option_(finance)" title="Option (finance)">financial options</a>, gives a numeric measure of how pessimistic or optimistic market actors at large are. A low number in this index indicates a prevailing optimistic or confident investor outlook for the future, while a high number indicates a pessimistic outlook. By comparing the VIX to the major stock-indexes over longer periods of time, it is evident that peaks in this index generally present good buying opportunities. </p><p>Another example of a simple contrarian strategy is <a href="/wiki/Dogs_of_the_Dow" title="Dogs of the Dow">Dogs of the Dow</a>. When purchasing the stocks in the <a href="/wiki/Dow_Jones_Industrial_Average" title="Dow Jones Industrial Average">Dow Jones Industrial Average</a> that have the highest relative <a href="/wiki/Dividend_yield" title="Dividend yield">dividend yield</a>, an investor is often buying many of the "distressed" companies among those 30 stocks. These "Dogs" have high yields not because dividends were raised, but rather because their share prices fell. The company is experiencing difficulties, or simply is at a low point in their <a href="/wiki/Business_cycle" title="Business cycle">business cycle</a>. By repeatedly buying such stocks, and selling them when they no longer meet the criteria, the "Dogs" investor is systematically buying the least-loved of the Dow 30, and selling them when they become loved again eventually. </p><p>When the <a href="/wiki/Dot_com_bubble" class="mw-redirect" title="Dot com bubble">Dot com bubble</a> started to deflate, an investor would have profited by avoiding the technology stocks that were the subject of most investors' attention. Asset classes such as value stocks and <a href="/wiki/Real_estate_investment_trust" title="Real estate investment trust">real estate investment trusts</a> were largely ignored by the financial press at the time, despite their historically low valuations, and many mutual funds in those categories lost assets. These investments experienced strong gains amidst the large drops in the overall US stock market when the bubble unwound. </p><p>The <a href="/wiki/Fidelity_Contrafund" title="Fidelity Contrafund">Fidelity Contrafund</a> was founded in 1967 "to take a contrarian view, investing in out-of-favor stocks or sectors",<sup id="cite_ref-auto_16-0" class="reference"><a href="#cite_note-auto-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> but over time has abandoned this strategy to become a <a href="/wiki/Large_cap" class="mw-redirect" title="Large cap">large cap</a> <a href="/wiki/Growth_investing" title="Growth investing">growth fund</a>. </p> <div class="mw-heading mw-heading2"><h2 id="Relationship_to_behavioral_finance">Relationship to behavioral finance</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Contrarian_investing&action=edit&section=4" title="Edit section: Relationship to behavioral finance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Contrarians are attempting to exploit some of the principles of <a href="/wiki/Behavioral_finance" class="mw-redirect" title="Behavioral finance">behavioral finance</a>, and there is significant overlap between these fields. For example, studies in behavioral finance have demonstrated that investors as a group tend to overweight recent trends when predicting the future; a poorly performing stock will remain bad, and a strong performer will remain strong. This lends credence to the contrarian's belief that investments may drop "too low" during periods of negative news, due to incorrect assumptions by other investors, regarding the long-term prospects for the company. Furthermore, Foye and Mramor (2016) find that country-specific factors have a strong influence on measures of value (such as the book-to-market ratio). This leads them to conclude that the reasons why value stocks outperform are both country-specific and behavioral.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Contrarian_investing&action=edit&section=5" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Bollinger_Bands#Effectiveness" title="Bollinger Bands">Bollinger Bands</a></li> <li><a href="/wiki/Dow_Jones_Indexes" class="mw-redirect" title="Dow Jones Indexes">Dow Jones Indexes</a></li> <li><a href="/wiki/Value_investing" title="Value investing">Value investing</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Contrarian_investing&action=edit&section=6" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.investopedia.com/terms/c/contrarian.asp">"Contrarian"</a>. Investopedia<span class="reference-accessdate">. Retrieved <span class="nowrap">15 June</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Contrarian&rft.pub=Investopedia&rft_id=http%3A%2F%2Fwww.investopedia.com%2Fterms%2Fc%2Fcontrarian.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3AContrarian+investing" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHumphrey_Bancroft_Neill1963" class="citation book cs1">Humphrey Bancroft Neill (1963). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=Oohmhovo588C"><i>The Art of Contrary Thinking</i></a>. Caxton Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780870044885" title="Special:BookSources/9780870044885"><bdi>9780870044885</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Art+of+Contrary+Thinking&rft.pub=Caxton+Press&rft.date=1963&rft.isbn=9780870044885&rft.au=Humphrey+Bancroft+Neill&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DOohmhovo588C&rfr_id=info%3Asid%2Fen.wikipedia.org%3AContrarian+investing" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text">"...the managers [at Dodge & Cox] deftly handle this strategy’s contrarian, value-seeking approach. They look to invest in businesses they believe have competitive edges, good growth prospects, and capable leaders, but whose shares have suffered because of bad news or temporary economic headwinds". Tony Thomas (10 June 2022). "All Around Winner". 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title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Economic+Perspectives&rft.atitle=John+Maynard+Keynes%2C+Investment+Innovator&rft.volume=27&rft.issue=3&rft.pages=%3Cspan+class%3D%22nowrap%22%3E1-%3C%2Fspan%3E18&rft.date=2013-06-30&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D2287262%23id-name%3DSSRN&rft_id=info%3Adoi%2F10.2139%2Fssrn.2287262&rft.au=Chambers%2C+David&rft.au=Dimson%2C+Elroy&rfr_id=info%3Asid%2Fen.wikipedia.org%3AContrarian+investing" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_journal" title="Template:Cite journal">cite journal</a>}}</code>: CS1 maint: date and year (<a href="/wiki/Category:CS1_maint:_date_and_year" title="Category:CS1 maint: date and year">link</a>)</span></span> </li> <li id="cite_note-auto-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-auto_16-0">^</a></b></span> <span 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href="#cite_ref-17">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFoyeMramor2016" class="citation web cs1">Foye, James; Mramor, Dusan (20 May 2016). <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfmabstract_id=2782441">"A New Perspective on the International Evidence Concerning the Book-Price Effect"</a>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2139%2Fssrn.2782441">10.2139/ssrn.2782441</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=A+New+Perspective+on+the+International+Evidence+Concerning+the+Book-Price+Effect&rft.date=2016-05-20&rft_id=info%3Adoi%2F10.2139%2Fssrn.2782441&rft.aulast=Foye&rft.aufirst=James&rft.au=Mramor%2C+Dusan&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfmabstract_id%3D2782441&rfr_id=info%3Asid%2Fen.wikipedia.org%3AContrarian+investing" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Contrarian_investing&action=edit&section=7" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output .side-box-text{flex:1;min-width:0}}@media(min-width:720px){.mw-parser-output .side-box{width:238px}.mw-parser-output .side-box-right{clear:right;float:right;margin-left:1em}.mw-parser-output .side-box-left{margin-right:1em}}</style><style data-mw-deduplicate="TemplateStyles:r1237033735">@media print{body.ns-0 .mw-parser-output .sistersitebox{display:none!important}}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}@media 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//upload.wikimedia.org/wikipedia/commons/thumb/9/99/Wiktionary-logo-en-v2.svg/80px-Wiktionary-logo-en-v2.svg.png 2x" data-file-width="512" data-file-height="512" /></a></span></div> <div class="side-box-text plainlist">Look up <i><b><a href="https://en.wiktionary.org/wiki/Special:Search/contrarian_investing" class="extiw" title="wiktionary:Special:Search/contrarian investing">contrarian investing</a></b></i> in Wiktionary, the free dictionary.</div></div> </div> <ul><li><a rel="nofollow" class="external text" href="http://forexop.com/strategy/contrarian-patterns/">How to Use Patterns in Contrarian FX Trading</a></li> <li><a rel="nofollow" class="external text" href="http://www.berkshirehathaway.com/letters/letters.html">Warren Buffett's Berkshire Hathaway Shareholder Letters</a></li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist 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.navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_markets_navigation" title="Template:Financial markets navigation"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_markets_navigation" title="Template talk:Financial markets navigation"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_markets_navigation" title="Special:EditPage/Template:Financial markets navigation"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Financial_markets208" style="font-size:114%;margin:0 4em"><a href="/wiki/Financial_market" title="Financial market">Financial markets</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of <a href="/wiki/Capital_market" title="Capital market">markets</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Primary_market" title="Primary market">Primary market</a></li> <li><a href="/wiki/Secondary_market" title="Secondary market">Secondary market</a></li> <li><a href="/wiki/Third_market" title="Third market">Third market</a></li> <li><a href="/wiki/Fourth_market" title="Fourth market">Fourth market</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of <a href="/wiki/Stock" title="Stock">stocks</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Common_stock" title="Common stock">Common stock</a></li> <li><a href="/wiki/Golden_share" title="Golden share">Golden share</a></li> <li><a href="/wiki/Preferred_stock" title="Preferred stock">Preferred stock</a></li> <li><a href="/wiki/Restricted_stock" title="Restricted stock">Restricted stock</a></li> <li><a href="/wiki/Tracking_stock" title="Tracking stock">Tracking stock</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Share_capital" title="Share capital">Share capital</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Authorised_capital" title="Authorised capital">Authorised capital</a></li> <li><a href="/wiki/Issued_shares" title="Issued shares">Issued shares</a></li> <li><a href="/wiki/Shares_outstanding" title="Shares outstanding">Shares outstanding</a></li> <li><a href="/wiki/Treasury_stock" title="Treasury stock">Treasury stock</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Participants</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Broker" title="Broker">Broker</a> <ul><li><a href="/wiki/Floor_broker" title="Floor broker">Floor broker</a></li> <li><a href="/wiki/Inter-dealer_broker" title="Inter-dealer broker">Inter-dealer broker</a></li></ul></li> <li><a href="/wiki/Broker-dealer" title="Broker-dealer">Broker-dealer</a></li> <li><a href="/wiki/Market_maker" title="Market maker">Market maker</a></li> <li><a href="/wiki/Trader_(finance)" title="Trader (finance)">Trader</a> <ul><li><a href="/wiki/Floor_trader" title="Floor trader">Floor trader</a></li> <li><a href="/wiki/Proprietary_trading" title="Proprietary trading">Proprietary trader</a></li></ul></li> <li><a href="/wiki/Quantitative_analyst" class="mw-redirect" title="Quantitative analyst">Quantitative analyst</a></li> <li><a href="/wiki/Investor" title="Investor">Investor</a></li> <li><a href="/wiki/Hedge_(finance)" title="Hedge (finance)">Hedger</a></li> <li><a href="/wiki/Speculator" class="mw-redirect" title="Speculator">Speculator</a></li> <li><a href="/wiki/Arbitrage" title="Arbitrage">Arbitrager</a> <ul><li><a href="/wiki/Scalping_(trading)" title="Scalping (trading)">Scalper</a></li></ul></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">Regulator</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Trading venues</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Exchange_(organized_market)" title="Exchange (organized market)">Exchange</a> <ul><li><a href="/wiki/List_of_stock_exchanges" class="mw-redirect" title="List of stock exchanges">List of stock exchanges</a></li> <li><a href="/wiki/List_of_stock_exchange_trading_hours" class="mw-redirect" title="List of stock exchange trading hours">Trading hours</a></li></ul></li> <li><a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">Over-the-counter</a> (off-exchange)</li> <li><a href="/wiki/Alternative_trading_system" title="Alternative trading system">Alternative trading system</a> (ATS)</li> <li><a href="/wiki/Multilateral_trading_facility" title="Multilateral trading facility">Multilateral trading facility</a> (MTF)</li> <li><a href="/wiki/Electronic_communication_network" title="Electronic communication network">Electronic communication network</a> (ECN)</li> <li><a href="/wiki/Direct_market_access" title="Direct market access">Direct market access</a> (DMA)</li> <li><a href="/wiki/Straight-through_processing" title="Straight-through processing">Straight-through processing</a> (STP)</li> <li><a href="/wiki/Dark_pool" title="Dark pool">Dark pool</a> (private exchange)</li> <li><a href="/wiki/Crossing_network" title="Crossing network">Crossing network</a></li> <li><a href="/wiki/Foreign_exchange_aggregator" title="Foreign exchange aggregator">Liquidity aggregator</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stock_valuation" title="Stock valuation">Stock valuation</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Alpha_(finance)" title="Alpha (finance)">Alpha</a></li> <li><a href="/wiki/Arbitrage_pricing_theory" title="Arbitrage pricing theory">Arbitrage pricing theory</a> (APT)</li> <li><a href="/wiki/Beta_(finance)" title="Beta (finance)">Beta</a></li> <li><a href="/wiki/Buffett_indicator" title="Buffett indicator">Buffett indicator</a> (Cap-to-GDP)</li> <li><a href="/wiki/Book_value" title="Book value">Book value</a> (BV)</li> <li><a href="/wiki/Capital_asset_pricing_model" title="Capital asset pricing model">Capital asset pricing model</a> (CAPM)</li> <li><a href="/wiki/Capital_market_line" title="Capital market line">Capital market line</a> (CML)</li> <li><a href="/wiki/Dividend_discount_model" title="Dividend discount model">Dividend discount model</a> (DDM)</li> <li><a href="/wiki/Dividend_yield" title="Dividend yield">Dividend yield</a></li> <li><a href="/wiki/Earnings_yield" title="Earnings yield">Earnings yield</a></li> <li><a href="/wiki/EV/EBITDA" class="mw-redirect" title="EV/EBITDA">EV/EBITDA</a></li> <li><a href="/wiki/Fed_model" title="Fed model">Fed model</a></li> <li><a href="/wiki/Net_asset_value" title="Net asset value">Net asset value</a> (NAV)</li> <li><a href="/wiki/Security_characteristic_line" title="Security characteristic line">Security characteristic line</a></li> <li><a href="/wiki/Security_market_line" title="Security market line">Security market line</a> (SML)</li> <li><a href="/wiki/T-model" title="T-model">T-model</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Trading theories<br /> and <a href="/wiki/Trading_strategy" title="Trading strategy">strategies</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Algorithmic_trading" title="Algorithmic trading">Algorithmic trading</a></li> <li><a href="/wiki/Buy_and_hold" title="Buy and hold">Buy and hold</a></li> <li><a class="mw-selflink selflink">Contrarian investing</a></li> <li><a href="/wiki/Dollar_cost_averaging" title="Dollar cost averaging">Dollar cost averaging</a></li> <li><a href="/wiki/Efficient-market_hypothesis" title="Efficient-market hypothesis">Efficient-market hypothesis</a> (EMH)</li> <li><a href="/wiki/Fundamental_analysis" title="Fundamental analysis">Fundamental analysis</a></li> <li><a href="/wiki/Growth_stock" title="Growth stock">Growth stock</a></li> <li><a href="/wiki/Market_timing" title="Market timing">Market timing</a></li> <li><a href="/wiki/Modern_portfolio_theory" title="Modern portfolio theory">Modern portfolio theory</a> (MPT)</li> <li><a href="/wiki/Momentum_investing" title="Momentum investing">Momentum investing</a></li> <li><a href="/wiki/Mosaic_theory_(investments)" title="Mosaic theory (investments)">Mosaic theory</a></li> <li><a href="/wiki/Pairs_trade" title="Pairs trade">Pairs trade</a></li> <li><a href="/wiki/Post-modern_portfolio_theory" title="Post-modern portfolio theory">Post-modern portfolio theory</a> (PMPT)</li> <li><a href="/wiki/Random_walk_hypothesis" title="Random walk hypothesis">Random walk hypothesis</a> (RMH)</li> <li><a href="/wiki/Sector_rotation" title="Sector rotation">Sector rotation</a></li> <li><a href="/wiki/Style_investing" title="Style investing">Style investing</a></li> <li><a href="/wiki/Swing_trading" title="Swing trading">Swing trading</a></li> <li><a href="/wiki/Technical_analysis" title="Technical analysis">Technical analysis</a></li> <li><a href="/wiki/Trend_following" title="Trend following">Trend following</a></li> <li><a href="/wiki/Value_averaging" title="Value averaging">Value averaging</a></li> <li><a href="/wiki/Value_investing" title="Value investing">Value investing</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related terms</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bid%E2%80%93ask_spread" title="Bid–ask spread">Bid–ask spread</a></li> <li><a href="/wiki/Block_trade" title="Block trade">Block trade</a></li> <li><a href="/wiki/Cross_listing" title="Cross listing">Cross listing</a></li> <li><a href="/wiki/Dividend" title="Dividend">Dividend</a></li> <li><a href="/wiki/Dual-listed_company" title="Dual-listed company">Dual-listed company</a></li> <li><a href="/wiki/DuPont_analysis" title="DuPont analysis">DuPont analysis</a></li> <li><a href="/wiki/Efficient_frontier" title="Efficient frontier">Efficient frontier</a></li> <li><a href="/wiki/Financial_law" title="Financial law">Financial law</a></li> <li><a href="/wiki/Flight-to-quality" title="Flight-to-quality">Flight-to-quality</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government bond</a></li> <li><a href="/wiki/Greenspan_put" title="Greenspan put">Greenspan put</a></li> <li><a href="/wiki/Haircut_(finance)" title="Haircut (finance)">Haircut</a></li> <li><a href="/wiki/Initial_public_offering" title="Initial public offering">Initial public offering</a> (IPO)</li> <li><a href="/wiki/Long_(finance)" title="Long (finance)">Long</a></li> <li><a href="/wiki/Mandatory_offer" title="Mandatory offer">Mandatory offer</a></li> <li><a href="/wiki/Margin_(finance)" title="Margin (finance)">Margin</a></li> <li><a href="/wiki/Market_anomaly" title="Market anomaly">Market anomaly</a></li> <li><a href="/wiki/Market_capitalization" title="Market capitalization">Market capitalization</a></li> <li><a href="/wiki/Market_depth" title="Market depth">Market depth</a></li> <li><a href="/wiki/Market_manipulation" title="Market manipulation">Market manipulation</a></li> <li><a href="/wiki/Market_trend" title="Market trend">Market trend</a></li> <li><a href="/wiki/Mean_reversion_(finance)" title="Mean reversion (finance)">Mean reversion</a></li> <li><a href="/wiki/Momentum_(finance)" title="Momentum (finance)">Momentum</a></li> <li><a href="/wiki/Open_outcry" title="Open outcry">Open outcry</a></li> <li><a href="/wiki/Order_book" title="Order book">Order book</a></li> <li><a href="/wiki/Position_(finance)" title="Position (finance)">Position</a></li> <li><a href="/wiki/Public_float" title="Public float">Public float</a></li> <li><a href="/wiki/Public_offering" title="Public offering">Public offering</a></li> <li><a href="/wiki/Rally_(stock_market)" title="Rally (stock market)">Rally</a></li> <li><a href="/wiki/Returns-based_style_analysis" title="Returns-based style analysis">Returns-based style analysis</a></li> <li><a href="/wiki/Reverse_stock_split" title="Reverse stock split">Reverse stock split</a></li> <li><a href="/wiki/Share_repurchase" title="Share repurchase">Share repurchase</a></li> <li><a href="/wiki/Short_(finance)" title="Short (finance)">Short selling</a></li> <li><a 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