- Author:: Michael Mauboussin
- Source:: https://drive.google.com/drive/folders/1JNYa0SFZtai-x5NsI_EoB9x0Tw-Z5uVs
- Related to:: investing
Contrarian investing focuses on the disconnect between the fundamentals and the expectations.
- Efficient Market Hypothesis requires several things:
- Agent diversity
- An aggregation method
- Incentives
- The most likely principle to be violated is Agent Diversity
- There are [[principle agent]] issues that also reduce agent diversity. The business of investing is about fees.
- The two keys to contrarian investing are an independent mindsetmindset
and long-term orientation.