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While the contrarian strategy may be simple, it involves a huge amount of risk taking with large positions.
A contrarian recommendation is considered bold when it goes against the recent stock price movement.
A contrarian might now therefore sell US shares; but he might have to hurry while stocks last, so to speak, because that contrarian view might soon become received wisdom.
REASON: In Letters to a Young Contrarian, you talk about how it was libertarians--specifically Milton Friedman and Alan Greenspan--who did the most to end the draft by persuading President Nixon's special commission on the matter that mandatory military service represented a form of slavery.
Jones (1993) examines the relationship between time-varying risk and source of contrarian profits.
The theory is that, if a firm can earn just average profits on assets, the share price should stock market is at high valuations, value investors often become contrarians.