Patience and discipline are essential virtues for contrarian investors from "summary" of Contrarian Investment Strategies in the Next Generation by David Dreman
Contrarian investors must possess the virtues of patience and discipline in order to succeed in the market. These qualities are crucial for navigating the ups and downs of the market and seizing opportunities that others may overlook. Patience is required to withstand the volatility of the market and wait for the right moment to make a move. Without patience, investors may be tempted to make hasty decisions based on emotions rather than logic. Discipline is equally important for contrarian investors. It involves sticking to a well-thought-out investment strategy despite fluctuations in the market. Discipline helps investors avoid impulsive decisions that could lead to losses. By staying true to their strategy, investors can weather short-term fluctuations and focus on the long-term potential of their investments. Patience and discipline work hand in hand to help contrarian investors stay grounded in their approach. Patience allows investors to wait for the right opportunity, while discipline ensures that they stick to their strategy once that opportunity arises. Together, these virtues form the foundation of a successful contrarian investment strategy. In a market driven by emotions and trends, contrarian investors must be willing to swim against the tide. This requires a strong sense of conviction in their investment decisions. Patience and discipline help contrarian investors stay true to their convictions even when faced with skepticism from others. By remaining patient and disciplined, contrarian investors can capitalize on opportunities that others may overlook.
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