There used to be a saying in real estate circles that the key issue in property investing is ‘position, position and position’. We beg to differ. We believe timing, and if you like, timing and timing, is the key. Observing cycles, understanding cycles and knowing where you are in that cycle is a sound recipe for likely success in property investing. When a sector is out of favour, be it property, resources or something else, it usually plays out over a number of years and via various stocks in the sector. This is where the role of a ’contrarian investor’ comes in, an investor that can identify and invest in assets where there is a mis-match between market valuations and an informed view of inherent or intrinsic value. This is also referred to as ‘value investing’.