Tape Reading and Market Tactics
Humphrey Neill, the celebrated sage of Saxtons River, Vermont, has inspired generations of contrarians. His advice to investors: Beware of the crowd, don't be swept up by euphoria or down by despair. When everyone thinks alike, watch out. They're probably wrong. Neill's sharp thinking and homespun aphorisms are no less appropriate today than when he began to formulate the theory of contrary opinion three quarters of a century ago. In fact, Neill's ideas formed the basis for the Contra Fund that Fidelity Management established in 1967 and still manages today.