Stepek, The Sceptical Investor

John Stepek, executive editor of the UK’s best-selling financial magazine MoneyWeek, has written an astute book for retail investors. The Sceptical Investor: How Contrarians Bet Against the Market and Win – And You Can Too (Harriman House, 2019) suggests that the investor start with the admittedly incorrect premise that the financial markets are always wrong or, less baldly stated, that there are commonly pockets of inefficiency that can be exploited. It’s worth spotting and exploiting contrarian opportunities because, as George Soros wrote, “generally speaking, the more an investment thesis is at odds with the generally prevailing view, the greater the financial rewards one can reap if it turns out to be correct.”