Non-Consensus Investing

Being Right When Everyone Else Is Wrong

Rupal J. Bhansali

Columbia University Press

Non-Consensus Investing

Pub Date: October 2019

ISBN: 9780231192309

280 Pages

Format: Hardcover

List Price: $29.95£25.00

Pub Date: October 2019

ISBN: 9780231549769

280 Pages

Format: E-book

List Price: $28.99£25.00

Non-Consensus Investing

Being Right When Everyone Else Is Wrong

Rupal J. Bhansali

Columbia University Press

At a time when many proclaim the death of active investing, Rupal J. Bhansali, global contrarian, makes a clarion call for its renaissance. Non-consensus thinking has resulted in breakthrough successes in science, sports, and Silicon Valley. Bhansali shows how to apply it to the world of investing to improve one’s odds of achieving above-average returns with below-average risks. Her upside-down investment approach focuses on avoiding losers instead of picking the winners, asking the right questions instead of knowing the right answers, and scoring upset victories to achieve the greatest bang for one’s research buck.

Through a series of counterintuitive concepts and contemporary case studies from her firsthand experience of investing in fifty markets around the globe, Bhansali describes how to perform differentiated fundamental research to uncover mispriced stocks. She candidly shares her failures and mistakes as well as her successes and triumphs. She also weaves in her personal journey, recounting how she overcame the odds to succeed in a male-dominated profession and offering advice on breaking the glass ceiling. Non-Consensus Investing is a must-read for anyone who seeks to understand why active investing disappointed and how it can succeed—analysts and amateurs, fiduciaries and financial advisors, aspiring and practicing money managers, as well as students or investment enthusiasts.
An instant classic! In this uniquely compelling book, Rupal J. Bhansali shows why active management is here to stay—and how active investors can still win at the investing game. A must read. John Mihaljevic, Chairman, MOI Global
In her masterful book, the accomplished and passionate global investor Rupal J. Bhansali dispenses many nuggets of knowledge and pearls of wisdom. With clarity and countless recent examples, she methodically debunks many myths and misconceptions regarding investing and catalogs and explains many fine investment concepts. A must read, especially at a time when so many abandon active management and question whether proper value investing can still be a winning investment approach in the years ahead. Charles de Vaulx, CIO and Portfolio Manager of International Value Advisers
Rupal J. Bhansali is among a very small group of investors who have earned my confidence over many years in the business. In this thought-provoking book, she captures the essence of a philosophy of markets and investing that has stood the test of time. Her engaging and vivid distillation of this approach is a necessary addition to the library of any reader in search of unconventional wisdom. Gary Wendlandt, Vice Chairman and Chief Investment Officer, New York Life Insurance Co. (retired), Chairman and CEO, New York Life Investment Management (retired)
Non-Consensus Investing is highly recommended for investors seeking to outperform the market. Focusing on contrarian approaches to investing in equities, an emphasis is placed on risk management and an understanding of the business model of a company. What can go wrong? Be a patient long term investor who can take advantage of excessive pessimism in the short term. Numerous examples are provided of how this approach has been successfully applied. David Kass, University of Maryland
In Non-Consensus Investing, Rupal J. Bhansali provides not only valuable technical insights from her extensive career and methodology of applying active investing principles but also personal guidance for young women aiming to pursue professions in finance. The combination of addressing the myths and hurdles for young women considering finance and her own personal story of overcoming them is very powerful. Amanda Pullinger, ‎Chief Executive Officer, 100 Women in Finance
Acknowledgments
1. How My Passion Became My Profession
2. “And” Not “Or”
3. Stocks or Bonds?
4. To Stand Apart, You Must Stand Alone
5. Score Upset Victories
6. Do No Harm
7. False Positives and Negatives
8. Ditch the Database, Embrace the Search Engine
9. From Victim to Victor
10. Value Investing = Margin of Safety
11. Sizzle Fizzles, Patience Prospers
12. North Star
A Special Message from Me to You
Index

About the Author

Rupal J. Bhansali is chief investment officer and portfolio manager of international and global equity strategies for Ariel Investments. She has worked at leading firms, such as Soros Fund Management, Oppenheimer Capital, and MacKay Shields. She has been recognized by Forbes and Barron’s as a leading figure in value investing and is a frequent guest on Bloomberg, CNBC, and Fox Business. Rupal Bhansali is the distinguished recipient of the 100 Women in Finance North America Industry Leadership Award, bestowed in 2019.