Which of these is NOT one of the three enemies of investment strategy?

The correct answer is based on understanding the concept of the "three enemies of investment strategy." The three primary enemies typically recognized in investment strategies are market volatility, behavioral biases, and asset bubbles. Each of these elements poses significant challenges to consistent investment performance.

Market volatility refers to the fluctuations that can occur in asset prices and can lead to emotional decision-making by investors. Behavioral biases encompass psychological factors that can influence an investor's decision-making process, often leading to suboptimal investment choices. Asset bubbles occur when the prices of assets inflate beyond their intrinsic value, leading to sudden and dramatic corrections.

Contrarian sentiment is not considered one of these primary enemies. Rather, it reflects an investment approach where an investor goes against prevailing market trends, believing that the majority may be wrong. This strategy can be beneficial in some contexts, as it allows investors to capitalize on opportunities arising from market overreactions or mispricing.

By understanding these concepts, investors can better navigate the complexities of the market and develop strategies that minimize the impact of these enemies on their investment outcomes.