This episode explores the investment strategies of Anthony Bolton, a successful UK-based contrarian investor, focusing on his book "Investing Against the Tide." It begins by outlining Bolton's impressive track record and the core traits he valued in fund managers, such as vision, temperament, and the ability to handle incomplete information. Against the backdrop of Bolton's core principles, the episode delves into his contrarian approach, emphasizing the importance of sentiment analysis and technical charts to gauge market positioning, not to predict the future. More significantly, the discussion covers Bolton's preference for unpopular stocks, recovery or turnaround situations, and businesses with strong balance sheets, while also highlighting his emphasis on understanding a company's financials, particularly the cash flow statement. The episode further examines Bolton's approach to portfolio construction, position sizing, and the use of a "start from scratch" portfolio exercise to optimize allocations. The analysis also includes Bolton's insights on market dynamics, his lessons from past mistakes, and the value of meeting with management to assess their competence and alignment with shareholders, ultimately reflecting a comprehensive understanding of Bolton's unique investment philosophy and its practical applications.