What does it mean to be contrarian?

Anand Vasagiri, Portfolio Manager of the Paradice Global Small Mid Cap Fund, takes a contrarian approach to investing but says being contrarian is not just about buying stocks that are beaten up. Vasagiri believes there are certain disciplines that are still required when taking a contrarian approach to ensure a level of capital protection. "We don't want to be brave for the sake of being brave. We do not like asymmetric outcomes. So if you tell me there is a stock that can go up 100% or 200% but you can also lose 100% or 50% of the capital we are not interested." In this video Vasagiri explains how they think about contrarian investing and applies this thinking in the context of investing in commodity markets.