MARCUS AURELIUS

"You are neither right or wrong because the crowd disagrees with you. You are right because your data & reasoning are right."

- Benjamin Graham

• Finally, it’s not enough to bet against the crowd. Given the diffi culties associated with contrarianism just mentioned, the potentially profi table recognition of divergences from consensus thinking must be based on reason and analysis. You must do things not just because they’re the opposite ...

• So at the extremes, which are created by what “most people” believe, most people are wrong.

• Therefore, the key to investment success has to lie in doing the opposite: in diverging from the crowd. Th ose who recognize the errors that others make can profi t enormously through contrariani...