It takes a special type of person to be a contrarian investor. Few people are willing to buy companies while others predict doom. It means accepting that you won’t always get it right, and the ability to put aside preconceived ideas about a company and focus only on the fundamentals.
One investor who’s made a career of this approach is Simon Mawhinney, Chief Investment Officer at Allan Gray Australia. It was this contrarian streak that saw him buying banks and retailers in middle of the COVID-crash, a decision that turned out better than anyone could’ve expected at the time.
But it doesn’t always go so smoothly, as was the case with his investment in the now-defunct Arrium, which we discuss in this episode of The Rules of Investing. We also discuss two current investments from the Allan Gray portfolio, and one former market darling that he’s investigating currently.
COVID-Crash special with Sam Sicilia and Martin Thompson
How to buy growth companies before they get expensive
Aboud: What I'd buy in a market crash
Finding income in a low-rate world
The theme to dominate this decade in markets
How an everyday investor competes with the pros
Two consumer stocks making it big overseas
50th episode special with Hamish Douglass
Nailing your asset allocation
How to pick stocks like a pro
Investing: A how to guide (Part 1)
Tagliaferro: How the '87 crash shaped my philosophy
Catherine Allfrey: Look over the horizon
The developed world is on the brink of crisis
The importance of saying "no"
Value, growth. Why don't we have both?
How to pick growth stocks that will keep on winning
Montgomery: The economics of enough
The five pillars of a quality stock
The hunt for predictable cash flows
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