Fantastic investor letter from the Lex team at the FT on contrarian investing against the expert consensus:
It has been a profitable first half for Contrarian Partners. Our core investment strategy remains unchanged: to mine the research produced by investment banks every six months to establish consensus trading strategies. Then trade against them . . .
In general, though, the advice was reassuringly poor. The markets continue to reward us for listening to the experts – then doing the opposite.”
Go read the full letter — its great stuff . . .
FT.com, July 5 2010 http://www.ft.com/cms/s/3/d5976b8e-883e-11df-a4e7-00144feabdc0.html