<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd"><html xmlns="http://www.w3.org/1999/xhtml" xmlns:v="urn:schemas-microsoft-com:vml" xmlns:w="urn:schemas-microsoft-com:office:word"><head><meta http-equiv="Content-Type" content="text/html; charset=utf-8"/><meta name="viewport" content="width=device-width, initial-scale=1.0"/><meta http-equiv="X-UA-Compatible" content="IE=9; IE=8; IE=7; IE=EDGE"/><style type="text/css">v\:* {behavior: url(#default#VML);} w\:* { behavior: url(#default#VML); } .ReadMsgBody {width: 100%;} .ExternalClass {width: 100%;} .ExternalClass, .ExternalClass p, .ExternalClass span, .ExternalClass font, .ExternalClass td, .ExternalClass div { line-height: 100%; } table td {border-collapse: collapse;} @media screen and (-webkit-min-device-pixel-ratio: 3.0) and (max-width: 1080px), (min-width: 320px) and (max-width: 480px) { .ep-mobile-col-div { height: auto !important; } .ep-width-100-img { width: 100% !important; display: block; } .ep-height-auto, img { height: auto !important; } .ep-height-auto { min-height: 0 !important; } *[class="ep-mobile-email"] { width: 100% !important; float: none; line-height: 120% !important; } img { max-width: 100% !important; } td[class="ep-mobile-divider"] { font-size:0 !important; } table[class="ep-mobile-col"], table[class="ep-mobile-col"] tbody, table[class="ep-mobile-col"] tr, table[class="ep-mobile-col"] td { display: block !important; width: 100% !important; float: none !important; height: auto !important; } table[class="ep-mobile-col"] td[class="ep-mobile-col-td"] { width: auto !important; } td.footer {text-align: center !important; } *[class="ep-mobile-col-table-with-padding"] { box-sizing: border-box; } .ep-mobile-col-table-empty { display: none !important; } *[class="ep-mobile-col-td"] { width: auto !important; } table[class="ep-mobile-col"] td[class="ep-mobile-col-button"] { width: auto !important; display: table-cell !important; } *[class="ep-mobile-col-img-with-text"] {display: block !important;width: 50% !important;float: left !important;} }</style></head><body bgcolor="#ffffff"><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#ffffff"><tbody><tr><td valign="top" align="center"><table cellspacing="0" cellpadding="0" width="600" border="0" class="ep-mobile-email" style="line-height:normal !important;"><tbody><tr><td><table cellspacing="0" cellpadding="0" width="100%" border="0"><tbody><tr><td height="10"></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#ffffff"><tbody><tr><td><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#FFFFFF" class="ep-mobile-col"><tbody><tr><td valign="top" bgcolor="#FFFFFF" style="text-align:left;"><table width="100%" cellspacing="0" cellpadding="0" class="ep-mobile-col-table-with-padding"><tr><td valign="top" class="ep-mobile-col-td" style="text-align:center;padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;"><div><div><div><div style="height:560px;display:block;overflow:hidden;" class="ep-height-auto"><img src="http://content.epsrv2.net/image_gallery/uploaded/273/10513/9f5f3717-d351-44b2-83e3-ce6911caf465_0.jpg" alt="" height="560" width="395" style="max-width:395px;padding-bottom:0;display:inline !important;vertical-align:bottom;border:0;height:auto;outline:none;text-decoration:none;-ms-interpolation-mode:bicubic;" class="ep-width-100-img "/></div></div></div></div></td></tr></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#FFFFFF" class="ep-mobile-col" style="line-height:1.5;"><tbody><tr><td valign="top" bgcolor="#FFFFFF" style="text-align:left;"><table width="100%" cellspacing="0" cellpadding="0" class="ep-mobile-col-table-with-padding"><tr><td valign="top" class="ep-mobile-col-td" height="1" style="text-align:left;padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;"><div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-family: georgia, palatino; font-size: 16px;">I wrote more articles about Apple than almost any other company over the last five years. For a long time it was one of the most hated stocks on Wall Street, and when we bought it for the first time in 2013, an outraged client wrote me an email calling our purchase “irresponsible” – which motivated me to write not just one but two articles on Apple (<span style="text-decoration: underline;">one</span>, <span style="text-decoration: underline;">two</span>). As I discuss in the following article, for a value investor it is easier to love stocks that are hated and more difficult to love stocks that are loved. Love is usually expensive, and the infatuation gets reflected in a company’s valuation. Hate, or near hate, is cheap.</span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-family: georgia, palatino; font-size: 16px;">Being contrarian – taking a position that goes against the grain of commonly held opinion – is not easy and not comfortable. Humans take comfort in consensus. We love it when the crowd agrees with us. However, being contrarian for the sake of being different is idiotic and dangerous. People don’t normally step in front of moving trains; being contrarian in this regard would make little sense. When it comes to investing, being contrarian means trusting and following through on the findings of your research, whether you agree or disagree with the crowd.</span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><a style="color:#2196F3;font-family:helvetica,arial,sans-serif;font-size:14px;text-decoration:none;" href="http://clicks.epsrv2.net/click?s=ia8uxfpp6tc4edj8hyqazu19zi4ay1xj7a1ig9b3huy4cmzkimgtj4oor18renxefxq6knenomozg&v=1iyd7ro168ree6wqist7ored78epe8z1n5swdwupjnir88ud79715tzf6gypyxkmjedonjtjsrdymouw6aw4y54xw8j7d7ofrw93ucna4kqdnhz8ymmsekbq5hyo8jhaktc3jozq1toyuhgzr7shobifxt8g3ndjpoc4qcub3ep1kpcix3bien7qaotsbwofn8gxpojk57f1dww8d1jtrqtw6otgw9qsgsi1aaktymg3cwspxaao7efz889f4gph9gfu8twrqwaehgneirazfyqjghbwqqrcnmpb15nounkpk165deu3bjitkg7s418awfe9asopqx36h"><span style="color:#2196F3;font-family:helvetica,arial,sans-serif;font-size:14px;text-decoration:none;">Continue reading... </span></a></div>
<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-family: georgia, palatino; font-size: 16px;"> </span></div>
<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"> </div></td></tr></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#FFFFFF" class="ep-mobile-col"><tbody><tr><td valign="top" bgcolor="#FFFFFF" style="text-align:left;"><table width="100%" cellspacing="0" cellpadding="0" class="ep-mobile-col-table-with-padding"><tr><td valign="top" class="ep-mobile-col-td" style="text-align:center;padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;"><div><div><div><div style="height:198px;display:block;overflow:hidden;" class="ep-height-auto"><img src="http://content.epsrv2.net/image_gallery/uploaded/273/10513/vnk.png" alt="" height="198" width="234" style="max-width:234px;padding-bottom:0;display:inline !important;vertical-align:bottom;border:0;height:auto;outline:none;text-decoration:none;-ms-interpolation-mode:bicubic;" class=""/></div></div></div></div></td></tr></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#FFFFFF" class="ep-mobile-col" style="line-height:1.5;"><tbody><tr><td valign="top" bgcolor="#FFFFFF" style="text-align:left;"><table width="100%" cellspacing="0" cellpadding="0" class="ep-mobile-col-table-with-padding"><tr><td valign="top" class="ep-mobile-col-td" height="1" style="text-align:left;padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;"><div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-size: 16px;"><span style="font-family: georgia,times,times new roman,serif;">I am the CIO at <a style="color:#2196F3;font-size:14px;text-decoration:none;font-family: georgia,times,times new roman,serif;" href="http://clicks.epsrv2.net/click?s=ia8uxfpp6tc4edj8hyqazu19zi4ay1xj7a1ig9b3huy4cmzkimgtj4oor18renxefxq6knenomozg&v=1iyd7ro168ree6wqist7ored78epe8z1n5swdwupjnir88ud79715tzf6gypyxkmjedonjtjsrdymouw6aw4y54xw8j7d7ofrw93ucna4kqdnhz8ymmsekbq5hyo8jhaktc3jozq1toyuhgzr7shobifxt8g3ndjpoc4qcub3ep1kpcix3bien7qaotsbwofn8gxpojk57f1dww8d1jtrqtw6otgw9qsgsi1aaqf4f39n5e8n6kuugr8885x9qdqg6torn45ny7fziucq3aaoa4y1o"><span style="color:#2196F3;font-size:14px;text-decoration:none;font-family:georgia,times,times new roman,serif;">Investment Management Associates</span></a>, which is anything but your average investment firm. (Seriously, <a style="color:#2196F3;font-size:14px;text-decoration:none;font-family: georgia,times,times new roman,serif;" href="http://clicks.epsrv2.net/click?s=ia8uxfpp6tc4edj8hyqazu19zi4ay1xj7a1ig9b3huy4cmzkimgtj4oor18renxefxq6knenomozg&v=1iyd7ro168ree6wqist7ored78epe8z1n5swdwupjnir88ud79715tzf6gypyxkmjedonjtjsrdymouw6aw4y54xw8j7d7ofrw93ucna4kqdnhz8ymmsekbq5hyo8jhaktc3jozq1toyuhgzr7shobifxt8g3ndjpoc4qcub3ep1kpcix3bien7qaotsbwofn8gxpojk57f1dww8d1jtrqtw6otgw9qsgsi1aaqf4f39n5e8n6kuugr8885x9qdqg6torn45ny7fziucq3aaoa4y1o"><span style="color:#2196F3;font-size:14px;text-decoration:none;font-family:georgia,times,times new roman,serif;">take a look</span></a>.)<br /> <br /> I wrote <a style="color:#2196F3;font-size:14px;text-decoration:none;font-family: georgia,times,times new roman,serif;" href="http://clicks.epsrv2.net/click?s=ia8uxfpp6tc4edj8hyqazu19zi4ay1xj7a1ig9b3huy4cmzkimgtj4oor18renxefxq6knenomozg&v=1iyd7ro168ree6wqist7ored78epe8z1n5swdwupjnir88ud79715tzf6gypyxkmjedonjtjsrdymouw6aw4y54xw8j7d7ofrw93ucna4kqdnhz8ymmsekbq5hyo8jhaktc3jozq1toyuhgzr7shobifxt8g3ndjpoc4qcub3ep1kpcix3bien7qaotsbwofn8gxpojk57f1dww8d1jtrqtw6otgw9qsgsi1aaqf4f39n5e8n6kuugr8885x9qdqxa9w96gd96x98z3jjq7wfgkcco"><span style="color:#2196F3;font-size:14px;text-decoration:none;font-family:georgia,times,times new roman,serif;">two books</span></a> on investing, which were published by John Wiley & Sons and have been translated into eight languages. (Polish is one of them – go figure.)<br /> <br /> In a brief moment of senility, <em>Forbes</em> magazine called me “the new Benjamin Graham.” (They must have been impressed by the eloquence of the Polish translation.)<br /> <br /> <strong id="docs-internal-guid-fac6d1ae-7a72-3472-cb9b-793d469230a8">Not receiving my investment articles? <a style="color:#2196F3;font-size:14px;text-decoration:none;font-family: georgia,times,times new roman,serif;" href="http://clicks.epsrv2.net/click?s=ia8uxfpp6tc4edj8hyqazu19zi4ay1xj7a1ig9b3huy4cmzkimgtj4oor18renxefxq6knenomozg&v=1iyd7ro168ree6wqist7ored78epe8z1n5swdwupjnir88ud79715tzf6gypyxkmjedonjtjsrdymouw6aw4y54xw8j7d7ofrw93ucna4kqdnhz8ymmsekbq5hyo8jhaktc3jozq1toyuhgzr7shobifxt8g3ndjpoc4qcub3ep1kpcix3bien7qaotsbwofn8gxpojk57f1dww8d1jtrqtw6otgw9qsgsi1aaqf4f39n5e8n6kuugr8885x9qdqw381fqizbtz6nyh69xns58ono55c5x4cujidfx9rq5txesamj11o"><span style="color:#2196F3;font-size:14px;text-decoration:none;font-family:georgia,times,times new roman,serif;">Sign up here</span></a>.</strong></span></span></div></td></tr></table></td></tr></tbody></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0"><tbody><tr><td height="10"></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#ffffff"><tbody><tr><td valign="top" class="footer" style="text-align:center;color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:12px;padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;"><div><div>Investment Management Associates, Inc., 5690 DTC Blvd 140W, Greenwood Village Colorado 80111, United States</div></div><div class="removable"><a href="http://epsrv2.net/subscription/unsubscribe?s=ia8uxfpp6tc4edj8hyqazu19zi4ay1xj7a1ig9b3huy4cmzkimgtj4oor18renxefxq6knenomozg&v=1iyd7ro168ree6wqist7ored7gnysrzjax7hqckriyq8639rumgs81q1jgy75re57qfy7bsiih5gzyrbzde3ccy6ug6dgeocc881fckwmgkcf5wwcyr9bi38pzrypjmhj3seo4mcdguuraqkdc1umfm6epkyzmsrrpoprbet3u5cnks9jcoaegh61mgdn45bdqcsmy44ask8h" style="text-decoration:none;color:#2196F3;font-family:helvetica,arial,sans-serif;font-size:12px;"><span style="text-decoration:none;color:#2196F3;font-family:helvetica,arial,sans-serif;font-size:12px;">unsubscribe</span></a></div></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0"><tbody><tr><td height="10"></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0"><tbody><tr><td><img src="http://open_tracker.epsrv2.net/opened?v=1iyd7ro168ree6wqist7ored7gnysrzjax7hqckriyq8639rumgt7zjy8mx7616r5xygwpngyqs6ujgtanjowgs9i4pdrbkrd4ga5h93zk97waysq8cwc5au4wir69mw3b68jth4g4qcezzzhkgu7b51jhqnni3rzbibd5zrqy5o6js5hdny" width="1" height="1" style="max-width:0px;max-height:0px;display:none;"/></td></tr></tbody></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#ffffff"><tbody><tr><td align="center"><table cellspacing="0" cellpadding="0" width="100%" border="0"><tbody><tr><td style="height:40px;" align="center" valign="center" width="100%"><span style="font-size:12px;font-family:Arial,Helvetica,sans-serif;color:#4b4b4b;vertical-align:middle;">Powered by</span> <a href="http://clicks.epsrv2.net/pb"><img src="http://content.epsrv2.net/no_rev/assets/powered_by_logo.png" border="0" alt="ExpressPigeon" style="vertical-align:middle;"/></a> <a href="http://clicks.epsrv2.net/pb" style="text-decoration:none;"><span style="color:#2196F3;font-size:12px;font-family:Arial,Helvetica,sans-serif;text-decoration:none;vertical-align:middle;">ExpressPigeon</span></a></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></body></html>