Today I want to discuss contrary investing, the practice of paying attention to the sentiment of the masses … and leaning the other way. Twenty-three years ago, I attended my first Contrary Opinion Forum, an annual gathering of independent-minded investors (both individuals and professionals) in Vergennes, Vermont. I was one of the youngest people in the room, and I took copious notes, intent on capturing the wisdom from the white-haired veterans who spoke. I’ve returned every year since, with the exception of one, and now some of my own hairs are white. More important, I now know that those...