Despite Dow Jones Industrial Average hitting fresh highs, contrarian investing flow data shows net institutional selling in overvalued consumer discretionary names. Fund managers are quietly rotating into mid-cap industrial manufacturers ahead of infrastructure spending boosts. This article originally appeared on GOBankingRates.com : Can Contrarian Investing Pay Off? What To Know About This Warren Buffett-Approved Strategy Perhaps most notably, Apple (AAPL) was on the ropes in the late 1990s before a $150 million investment from Microsoft (MSFT) and the return of Steve Jobs turned its business around. Within a decade, Apple went from near bankruptcy to launching the iPhone and becoming one of the most valuable companies in the world. Contrarian investing interest in emerging markets has grown as MSCI EM trades at a 40% P/E discount to developed markets. Historical correlation analysis suggests upside potential if US dollar momentum fades.