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.
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Watling: Australian recession is still my base case
Steve Johnson: The search for extreme dislocations
Aitken: Trade wars present ‘tremendous opportunity’
Ben Griffiths: Markets are at an inflection point
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Dr Philipp Hofflin: Beware of the widest moats
Tim Toohey's macro masterclass
A century of dividends
Platinum and Magellan: Inside the minds of Australia’s most successful global investors
The hottest investment theme on Earth
Investing in Global Disruption with Jeff Cole
Padley: The problem with buy and hold
Cooper reviews the Cooper Review
Platinum: The opportunity of a generation
Chris Stott: One last call
Fresh ideas from Future Generation
The value in being contrarian
Matthew Kidman: Uncut
Two small cap ideas with years of growth ahead
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