He has always described himself as "a contrarian investor."
All told, it is certainly enough to make a contrarian investor nervous.
The most successful contrarian investors are able to reverse the emotions that guide our behaviour in the rest of our lives.
But for a contrarian investor, this low volatility and narrow interest rate spread might be a warning sign.
To a contrarian investor, that is scary.
The manager, Jean-Pierre Conreur, 66, calls himself a contrarian investor.
The latter could be a sign of capitulation that would be treasured by contrarian investors.
IN 1999 and early 2000, as technology shares led momentum-driven markets ever higher, it was easy to spot contrarian investors.
For contrarian investors in bank stocks, the problem has been to know just which hour is the darkest one that precedes the dawn.
He has been a contrarian investor for many years.