Contrarian investing is not easy, but when successful, it can reap spectacular returns. Some confuse contrarian investing with simply going against the herd. Betting blindly against the masses can be costly because often the majority is right. Successful contrarian investing requires having a strong thesis that the market currently doesn't see (or agree with). I believe Callaway Golf (NYSE:ELY) works perfectly as a contrarian investment. The company has struggled to turn a profit for several years, and its stock has been cut in half over the past 5 years. However, I think the bottom is in, and Callaway has upwards of 45% upside with limited downside for three reasons: pessimism about the golf industry is overblown, the company...
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