Many misunderstand contrarianism. They believe it means doing the opposite of everyone else. If the masses are bullish, the contrarians are bearish, and vice versa.
Few realize these supposed contrarians form their own crowd that behaves as herd-like as the masses they’re trying to outsmart. Avoiding the masses’ follies requires seeing through both crowds, thinking differently and discovering viewpoints neither crowd can fathom.
As founder and CEO of Fisher Investments, Ken Fisher oversees assets for more than 100 institutions worldwide and tens of thousands of individual investors. In this, his 11th book, he shares the philosophy and tactics he uses to advise clients.