In the 1970s and 1980s, Leo Dworsky was one of the better-known contrarian investors in U.S. stocks. The trick for contrarians, said Mr. Dworsky, who managed the Contrafund for Fidelity Investments, was to avoid being contrary all the time.
Contrarians typically aim to do the opposite of whatever the crowd is doing, but sometimes the crowd is right, he said.
“I enjoy working the gap between reality and what others perceive as reality,” the Chicago Sun-Times quoted him as saying in 1983. A native of New York, he spent his career in the Boston area and abhorred what he saw as a lack of straight talk among the hucksters of Wall Street.
Mr. Dworsky earned a law degree at Yale and worked as a lawyer but switched to money management after finding his legal work dull. Fidelity’s founder, Edward C. Johnson II, hired him in 1963. Four years later, he