Everyone talks about buying low and selling high. But according to John Neff, the legendary portfolio manager, you have to have some "good old- fashioned stubbornness" to live up to that maxim.

As one of the quintessential contrarian investors, Mr. Neff built his career sticking with strategies when others lost their nerve. It was his intransigence, he says, that helped him resist bailing out of Citicorp when the stock spiraled to single digits in the winter of 1991.

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