He likes “contrarian investigator” instead of value investor because his starting point is contrarian in nature.
Kleinschmidt thinks common sense is the key tool for a portfolio manager, not necessarily intellectual horsepower. In determining how to assess the attractiveness of an investment opportunity he believes that investors must figure out what the key metric is for evaluating that company.
The advantage of owning shares in a publicly traded company is that it offers investors liquidity. The focus of the investor should still be to think like an owner, even though the market makes it seem like you are holding only a piece of paper.