Chapter 6. Be Contrarian
6.1 Taking the dogs for a walk
“Many shall be restored that now are fallen and many shall fall that now are in honour.”
From Horace’s Ars Poetica, quoted in Security Analysis by Benjamin Graham38
I love tennis and I play quite a lot. But there are three months of the year when I hardly ever play. Those three months are June, July and August. Why? Because that’s when everybody plays. Folk are on holiday, it’s sunny and tournaments are on TV, inspiring Wimbledon wannabes. If you play at these times, not only do you have to queue for a court, but you then have to pay. Go at any other time of year and the courts are empty, you can choose whatever court you want and play for as long as you want, the weather’s cooler and fresher, ...