FYI: Investors who zig when the market zags have recently received less than zip for their troubles.
In the past year, a contrarian portfolio that invests in the stocks that are least loved by fund managers and bets against their biggest holdings lost nearly 23 percent of its value. That’s the worst annual performance in more than five years for a strategy that until recently had produced consistent gains, according to a research note out this week from Bank of America Merrill Lynch. It has also been down four quarters in a row, a first. Two years ago, the same strategy would have been up nearly 17 percent, and more than 20 percent the year before that.
Regards,
Ted
https://www.fa-mag.com/news/beaten-bears-find-it-harder-to-get-off-canvas-39607.html?print
