Contrarianism isn’t an approach that will make you money all of the time. Much of the time there aren’t great market excesses to bet against. • Even when an excess does develop, it’s important to remember that “overpriced” is incredibly different from “going down tomorrow.” • Markets can be over- or underpriced and stay that way—or become more so—for years. • It can be extremely painful when the trend is going against you.
