Book excerpt: At a time when many proclaim the death of active investing, Rupal J. Bhansali, global contrarian, makes a clarion call for its renaissance. Non-consensus thinking has resulted in breakthrough successes in science, sports, and Silicon Valley. Bhansali shows how to apply it to the world of investing to improve one’s odds of achieving above-average returns with below-average risks. Her upside-down investment approach focuses on avoiding losers instead of picking the winners, asking the right questions instead of knowing the right answers, and scoring upset victories to achieve the greatest bang for one’s research buck. Through a series of counterintuitive concepts and contemporary case studies from her firsthand experience of investing in fifty markets around the globe, Bhansali describes how to perform differentiated fundamental research to uncover mispriced stocks. She candidly shares her failures and mistakes as well as her successes and triumphs. She also weaves in her personal journey, recounting how she overcame the odds to succeed in a male-dominated profession and offering advice on breaking the glass ceiling. Non-Consensus Investing is a must-read for anyone who seeks to understand why active investing disappointed and how it can succeed—analysts and amateurs, fiduciaries and financial advisors, aspiring and practicing money managers, as well as students or investment enthusiasts.