[3/10/06] One of the key traits a successful value investor must have is a variant perception. This basically means an investor holds a strong viewpoint that is substantially different from what the market viewpoint holds.
[1/14/06] Whilst the consensus may sometimes be right, it is unlikely you will make money from investing in it. As Keynes put it, investors should "go contrary to the general opinion, on the grounds that if everyone agreed about its merits, the investment is inevitably too dear". So going against the crowd is still likely to be the best recipe for consistently adding value. But where are the big consensus trades now?
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