Some stock pickers start with a screen. I start with a concept: Look for the hated!

I search for investment themes that are decidely contrarian. That means that few like the concept, the sector or the stock. The themes must meet several important critera:

Negative sentiment and/or polling
Analyst skepticism
Modest valuations

and most importantly -- hatred.

Taxing financial trades has been touted as a panacea for all kinds of global ills, a cash source to fight poverty and global warming. But the latest European attempt to introduce a worldwide standard 40 years after it was first conceived is facing stiff opposition from the U.S. and Britain.

If Hollywood were to make a film about the June jobs report, it would be called The Ugly, The Ugly and The Ugly.