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Contrarian Investment Strategies: The Classic Edition

3.95  ·  Rating details ·  523 ratings  ·  19 reviews
David Dreman's name is synonymous with the term "contrarian investing," and his contrarian strategies have been proven winners year after year. His techniques have spawned countless imitators, most of whom pay lip service to the buzzword "contrarian," but few can match his performance. His Kemper-Dreman High Return Fund has been the leader since its inception in 1988 -- th ...more
Hardcover, 464 pages
Published May 18th 1998 by Free Press (first published January 12th 1980)
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3.95  · 
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 ·  523 ratings  ·  19 reviews

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Yang Ming Wen
Jul 25, 2011 rated it really liked it
David Dreman's Contrarian Investment Strategy should occupy the 3rd place in the Hall of Investment Classics, which puts it only after Graham's Intelligent Investor and Fisher's Common Stocks and Uncommon Profits. The most important value of this book is Dreman's commitment into the treacherous water of "market irrationality", which both Graham and Fisher recognized, but neither made serious attempts to explain. "Rational market", as the basic assumption the Efficient Market Hypothesis (EMH), is ...more
Steve Bradshaw
Nov 30, 2011 rated it it was amazing
Shelves: investment
Dremen's name is eponymous with successful contrarian investing and this book methodically shows why (along with the impressive records of the Kemper-Dremen funds). A modern Ben Graham, Dremen is driven by fundamentals and underlying data, an approach that oddly marks him as a contrarian investor in today's emotion-driven markets.

Contrarian Investment Strategies provides a clear synthesis of the research that backs value investing. It also packs a good dose of simple executable advice - in essen
May 20, 2013 rated it really liked it  ·  review of another edition
Shelves: investing
Dreman makes a good case for Low P/E, P/B, P/CF and high Yield stocks, urging buying lowest quintile stocks in each.
This 2012 update is useful because he spends time discussing the current economic conditions and offering some strategies.
Basically he states to stay away from bonds and use stocks and real estate for the inflation he expects. Not a fan of the Goldman Sachs crowd. That alone earns kudos from me.
Sep 24, 2014 rated it liked it
It's a good book for newbies in the investment world or for people who are disillusioned with growth investing prospects or for retail/ passive/ hobby investors.
I expected much more from the book but it kept going on and on about low P/E, low P/BV, low P/Cash flow strategies and how they make more sense than growth investing. And then it went on about the recent 2008-09, etc crisis. It's a decent book for the library - not much else.
Aug 04, 2018 rated it really liked it  ·  review of another edition
Read the original if you can. Written in 1978, it is remarkable how much history repeats itself. Here was another era of hatred towards corporations and volatile stock markets. There were manias and panics, include tech stock manias, in the 60s and 70s. The only difference in the 70s was the runaway inflation.

Dreman lays out a straightforward plan for making money in the stock market over a long term horizon with less risk. He debunks fad systems and even fundamental analysis. He is even handed
Hahn Lin
May 18, 2018 rated it really liked it
4.5 stars. Part 2 is a must read where Dreman rips efficient markets hypothesis to shreds by poring over the original research and running new studies. He presents a new paradigm for investing based on cognitive biases, which result in predictable errors and reactions. He spends much of the book advocating for value stocks (low P/E, P/CF, P/B) and presents a number of compelling studies. The book concludes with a warning about high frequency trading, a description of the GFC, an overview of the ...more
Yushi Wei
Jul 21, 2017 rated it it was amazing
Very very good book! Despite it being written almost 20 years ago, the strategies outlined here are still applicable. Remember to think for yourself and do not follow the crowd!
Alessandro Orlandi
May 17, 2019 rated it really liked it
Shelves: investors
Very good book, very interesting and plenty of good ideas. The only thing I didn't like was the excessive rumble about Efficient Market theory, I'm already convinced it doesn't work!
Apr 09, 2018 rated it really liked it  ·  review of another edition
Shelves: money
I liked Contrarian Investment Strategies: The Classic Edition better. Both were more for people who people individual stocks although I managed to get some useful information nonetheless
Joel Gray
Jan 20, 2017 rated it really liked it

Hindsight bias seriously impairs proper assessment of past errors and significantly limits which can be be learned from experience.

Treasury bills, supposedly the safest investment there is, have cost investors 77% of their purchasing power since 1946.

The excessive use of credit is the first of many destructive characteristics most bubbles have in common.

The Nasdaq fell 83% from 1996 to 2002.

When the eno
Brian Zheng
Mar 08, 2012 rated it it was amazing  ·  review of another edition
This book is updated recently by the author, David Dreman, a pioneer on behavioral investing and a true contrarian. He used well-organized studies to argue against the Efficient Market Hypothesis and CAPM. Although EMH has been disproved by black swan events in many circumstances, it still has a large support base due to the lacking of a better theory. CAPM was rejected by Eugene Fama, father of EMH as early as 1992, who stated that "Beta as the sole variable in explaining returns on stocks is d ...more
Jul 08, 2013 rated it it was amazing
Outstanding. Dreman cuts through the clutter of prevailing investment fads and delivers a solid approach to investing based on his experiences and careful statistical research. My only wish is that I had read his newl updated 2012 book, which seems to be receiving excellent reviews on Goodreads too.
Sep 18, 2012 rated it it was amazing  ·  review of another edition
Excellent, though it fails to tell the whole story. Beware of market manipulation....
Alan Deng
May 31, 2014 rated it really liked it
Fallacies in investments. Psychological detrimental factors that prevent one from being a successful investor. All common sense but difficult to be executed.
May 30, 2009 rated it it was ok
Basically a book on value, buy and hold investing.
On Contrarian Investment Strategy
pavana Kumar Varanasi
A very good basic introduction on how value strategies outperformed all other strategies etc.
Ahmed Noureldein
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Sep 27, 2015
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Sep 25, 2016
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May 20, 2016
Bin Li
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Dec 13, 2016
Stefan Verstraeten
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Apr 30, 2015
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Jan 14, 2017
Harsh Patel
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Feb 15, 2018
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Jul 18, 2016
Harsh Thaker
Apr 27, 2017 rated it it was amazing
Key take away is the difference is a great investor knows when to be a contrarian & when to be a conformist whereas a less successful value investor doesn’t
Stanley Aog
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Aug 12, 2017
Gert Van Huynegem
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Sep 22, 2015
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Oct 04, 2015
Thomas Nilsson
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May 19, 2018
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David Dreman is a noted investor, who founded and is the Chairman of Dreman Value Management, an investment company. His father, Joseph Dreman, was a prominent trader on the Winnipeg Commodity Exchange for many years. David Dreman graduated from the University of Manitoba in 1958. After graduating, he worked as director of research for Rauscher Pierce, senior investment officer with Seligman, and ...more