This is what makes SS3 so hard for me to get my head around… Anchoring/Adjustments says analysts underestimate the effects of new info so +ve surprises pile onto +ve surprises. Representativeness says that winners tend to be overvalued and losers tend to be undervalued. So a contrarian strategy would produce gains as intrinsic values get reflected in future prices. And it’s not like I pulled this from two different places in the syllabus – these can be found on pg. 26 and 27.