"Right now, we have a rare opportunity to get paid a monthly double-digit dividend and buy the skills of a legendary investment manager for only 85 cents on the dollar," says Dr. Steve Sjuggerud.

Here, in Daily Wealth, the advisor takes a look at David Dreman -- -- noted contrarian advisor -- and the opportunity currently offered in his closed-end fund, Dreman Value Income Edge Fund (NYSE: DHG).

"David Dreman made one of the greatest calls in stock market history. In 1980, he told investors to buy stocks. He didn't just tell a few clients or friends to buy stocks.

"He literally wrote the book on buying stocks in 1980 -- Contrarian Investment Strategies in which he argued, 'The stock market appears cheap by nearly every historical standard.'

"At the time, saying 'buy stocks' was bold stuff. Stocks hadn't made money in 17 years. But Dreman was absolutely right. After 17 years of losses, the stock market started the longest bull run in recorded history, which stretched from 1982 until 2000.

"Fast forward to 2008. Dreman is guarded, but optimistic again. In the May issue of Forbes he says: 'Frightening as the markets look today, there will come a time when the liquidity crisis ends and today's prices for bank stocks look, in retrospect, like bargains.'

After years of ranting and raving that Google Inc. (NASDAQ: GOOG) was over priced and that investors and speculators alike were at risk I finally did an about face this week. The big GOOG made my Chasing Value column earlier in the week Chasing Value: Is it Google time? when it dropped below $500 per share. Contrarian that I am, when everyone else is losing heart I think perhaps reality takes hold. One tenet of contrarian investing is that nothing is ever priced right!

So this week I sensed an opportunity was at hand and could not resist blurting it out. In a down week and down day Google is up, so far so good. Microsofts (NASDAQ: MSFT) offer to buy Yahoo Inc. (NASDAQ: YHOO) in a hostile bid Microsoft attacks: going after Google not Yahoo did not faze Google. There are many that think MSFT is making a mistake by overpaying and will not see the return on investment that shareholders should expect.

Barron's takes a look at what could be a bad omen for the future of the stock market (subscription required), at least in the short-term: "Even after a recent drop, margin debt remains within spitting distance of the all-time high it hit in July, and 43% higher than it was a year ago. At a current level of 2.4% of the market's adjusted market cap, margin debt is 3.4 times its 62-year average.

Why worry? For starters, high margin debt could result in widespread margin calls in the wake of rapid market decline, leading to a domino effect prolonging the market decline. For evidence of this phenomenon, please see The Great Crash of 1929.

But high margin levels are also a very bearish contrarian indicator. They show that many investors are maxed out -- even if they wanted to, they simply couldn't buy more stock -- they're already borrowing at near-record levels to do just that! New money is often a prerequisite for a bull market, and already-high margin levels could make it hard for new money to come in. The bullishness of the investment community is a very bearish indicator for contrarian analysts.

Sometimes there is an article in a newspaper that's so great that it's worth doing a post on just so that more people will see it, and no additional commentary is really necessary. Whitney Tilson's tips for value investors in these weekend's Financial Times is such a piece.

For the uninitiated, Whitney Tilson is one of the great value investing minds of our time. He's also a heck of a good guy: He's one of the founders of Teach For America, and I'm an eager reader of anything that he has to say.

For more information about how to implement the investment strategies discussed in his latest column, I recommend the following books:

You Can Be a Stock Market Genius: Uncover the Secret Hiding Places of Stock Market Profits. If there's an award for the most informative book with a clunky, annoying title, I nominate this Joel Greenblatt masterpiece. It's focused on special situations such as spin-offs and bankruptcy investing, which are both featured in Tilson's list of tips.

Contrarian Investment Strategies: The Next Generation. Whether you like it or not, almost all value investing seems to have a contrarian angle: You're buying stocks that you think the market is pricing inaccurately. David Dreman makes a compelling case for contrarian investing, and shows how you might be able to beat the market.

Whenever I see a list of contrarian stock picks, I'm reminded of the Yogi Berra witticism about a popular restaurant: "Nobody goes there anymore because it's too crowded."

A list of stocks to buy because no one is interested in buying them seems paradoxical, but the methods that the Wall Street Journal used to compile its list of contrarian stocks [subscription required] are interesting: Stocks that have lagged the market for six months but have made sizable gains in the past week, have manageable debt levels, solid profits, negative analyst ratings, and PEG ratios below 1.5.

That's a pretty good screen for finding beaten down stocks, and I'm going to try to find a site that will allow me to input all of that into a stock screener. Anyone with any suggestions, please leave a comment.

And to learn more about contrarian investing, I recommend David Dreman's Contrarian Investment Strategies.

According to Marketwatch, investors fled global equity mutual funds to the tune of $2.39 billion last week, compared to a net in-flow of more than $2.7 billion in the week prior. What does this mean? If we use the lemming-like retail investors as a contrarian indicator, this is a screaming buy signal.

But there's a problem for mutual funds: If these retail investors are prone to buy at the tops and sell at the bottoms, their redemptions force mutual funds to buy and sell at precisely the wrong times. In January, I wrote about how this trend can effect mutual fund performance. I referred to a recent study that has shown that "liquidity-motivated trades" underperform trades made based on fundamentals. Mark Hulbert has suggested that investors consider using ETFs which, because they are closed-end funds, are not as vulnerable to shareholder redemptions.

I believe that investors should take a long look at exchange-traded funds for this, among other reasons. ETFs are often lower cost, easier to trade, and ideal for making macroeconomic bets. To learn more about ETFs, visit etfconnect.com.