Buying securities when others are pessimistic and then selling them when others are optimistic.
Ignoring market trends by buying securities that the investor considers undervalued and out of favor with other investors.
Investing in the secrities of currently out-of-favor companies.
The contrarion investment manager goed against the norm, buying shares that are cheap, even when others are pessimistic and selling at high prices when others are more optimistic. Value managers are typical contrarion investors.