Читать книгу Active Investing in the Age of Disruption - Evan L. Jones - Страница 20

Superior returns are generally created by being a contrarian and finding opportunities where the market has punished good companies, sectors, or countries and you can see a different future. If you are correct in recognizing a future successful company, that is a stock market darling today and trading at very high equity valuations, you will only return the beta-adjusted cost of equity capital. We will look at some specific and subtle issues concerning contrarianism. Being a contrarian in today's market environment is harder than ever before.

Prices fluctuate more than values—so therein lies opportunity.

—Joel Greenblatt, investor