https://v2.webnotes.in/tags/howard-marks/Recent content in Howard Marks on WebNotesHugoen-INSat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-contrarian-investing/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-contrarian-investing/<p><strong>Contrarian investing at PPFAS</strong> is the deliberate willingness of the <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> investment team to build and hold portfolio positions in sectors and securities subject to negative broader-market sentiment, when the disciplined fundamental analysis and intrinsic-value estimation supports the underlying business thesis. The doctrine is closely related to, but conceptually distinct from, the <a href="https://v2.webnotes.in/ppfas-margin-of-safety/">margin of safety</a> discipline and the <a href="https://v2.webnotes.in/ppfas-owner-mindset/">owner-mindset</a> doctrine: contrarian positioning is the specific behavioural willingness to act against prevailing sentiment when the analysis supports doing so, with attendant tolerance for extended periods of category-relative underperformance and willingness to accept the discomfort of holding out-of-favour positions through their sentiment cycle.</p>