Word: wadhwaney
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...invest in something that's popular when it's popular is the kiss of death," says Amit Wadhwaney, manager of the New York-based Third Avenue International Value Fund. Indeed, there's no more reliable way of earning dismal long-term returns than betting on what's hot. Consider some of the many ill-fated outbreaks of investor madness that have gripped Asia in recent decades: the giddiness over Japanese stocks in the late 1980s, the Hong Kong property bubble of the 1990s, euphoria over Chinese red chips in 1996-97, and the mad rise of Thai banking stocks before...
...contrarians like Wadhwaney, 51, investing is a matter of avoiding manias and searching instead for bedraggled castoffs that are cheap precisely because the in-crowd won't touch them. "I don't buy prime merchandise," he says. "I buy stuff that's fraught with discomfort. I buy some terrible things." Yet these terrible things produce terrific returns. Wadhwaney's $1.26 billion mutual fund has racked up annualized gains of 22.5% since its birth three-and-a-half years ago?double the rise of a comparable index of non-U.S. stocks. (I've entrusted his firm, Third Avenue Management, with...