Why Contrarianism Works April 5, 2010 Dear Investor: In just over a year, the Dow has recovered to 10,927, from 6,547. The biggest rally of our lifetimes has lifted markets nearly 70%. Paradoxically, now’s time to be more cautious, while a year ago was the time for optimism. Why was optimism warranted when the world was falling apart? Why is caution more appropriate now? The answer lies in the nature of markets. To go against the grain of...