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HERD MENTALITY

Complacency is rife in the industry and contrarianism has become the new consensus, particularly when it comes to passives. But is this always such a bad thing?

Contrarian Complacency

I thought I would check the true meaning of contrarian and was pleased to see the Oxford Living Dictionary definition as: “A person who opposes or rejects popular opinion, especially in stock exchange dealing”.

The dictionary went on to provide an example sentence: “It has become fashionable to be a stock market contrarian”.

It is relevant to see “fashionable” used in this context because if I had a pound for every time I have heard someone in our business claim to be a contrarian, I would be on a beach somewhere reading this article instead of writing it.

Go with the flow

Contrarianism has become the new consensus, which, of course, means that if you claim to be a contrarian you are quite the opposite. It is the easiest thing in the world to say you are a contrarian but to actually be one requires action.

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