Contrarian Investment Strategy was made famous by David Dreman, in the 1970's.  We, at Red Hill Capital, are experts in arbitrage, and we believe that arbitrage is the best, or even the only, way to make money in investing.  We also tend to see the arbitrage in things that other people have not realized are arbitrages. 

We recently wrote an article on Articles Base that gives a few uncommon examples of arbitrage, including Contrarian Investment Strategy as a P/E Arbitrage, if done the right way.  You can also read more about arbitrage on the In Country Analysis Page of the Red Hill Website.