Contrarian Investing is a time-tested investment tool, which involves buying/selling stocks against the prevailing sentiment of the crowd or the market.In our thematic report, Contrarian Investing, dated 22June 2017, we had covered two major themes based on consensus ratings (stock popularity) and valuation multiples, and had demonstrated the success of contrarian investing in India. In the sequel, Contrarian Investing: Digging Deeper, we extended our work on valuation multiples by providing evidence that out-of-favor low P/CF stocks had outperformed in-favor high P/CF stocks over the last decade and that margin of out performance was higher on trailing multiple than on forward multiple.