I try to buy shares of unpopular companies when they look like road kill and sell them when they've been polished up a bit.
To succeed as a contrarian you must recognize what the crowd believes, have concrete justification for why the majority is wrong, and have the patience and conviction to stick with what is, by definition, an unpopular bet.
We would do best in a market where everyone acted foolishly.
'Ick investing' means taking a special analytical interest in stocks that inspire a first reaction of 'ick.' I tend to become interested in stocks that by their very names or circumstances inspire unwillingness - and an 'ick' accompanied by a wrinkle of the nose on the part of most investors to delve any further.
Be fearful when there is greed and be greedy when there is fear.
Usually God favours the people who try to do good. So, when you find that the crowd is desperately trying to sell, help them and buy. When you find that the crowd is overenthusiastically trying to buy, help them and sell. It usually works out.
One of the best places to look for value is what I call 'babies thrown out with the bathwater' - in other words, scour the most out-of-favour sectors for good companies whose stocks have been crushed due to overblown concerns about the industry that do not, in fact, have an impact on the company.
The only way to consistently stay ahead of the game is to adopt a long-term view and, if appropriate, with a strong contrarian spin.
