cash

James Mackintosh

Contrarians are usually a grumpy lot, constantly being ridiculed for making mad investments, only to have those that work out dismissed as pure luck.

2012 gave plenty of examples, with pretty much any mainstream equities the clearest (almost no one wanted them in January, everyone does now). For the more adventurous contrarian, Greek bonds bought at the start of the year and held through the default have returned 100 per cent, including coupons, while Portuguese bonds are up 79 per cent on the same basis. Read more