Exactly.

Going against the herd doesn't always work. A great example are companies that went bankrupt or got overwhelmed by competition and never recovered from their lows. Take Nokia for instance. It used to trade for over $60 a share and is now $5. If you bought the stock in 2007 you'd be down more than 80% in 5 years. If you bought in 2000 you'd lose everything because the stock is down like 95%. Holding it for 20 years would not help you to recover.

Going against the herd is the best when the panic is artificial, like when the FED cuts rates and a Wall Street trading company manipulates the price to flush leverage. That's where you should buy because fundamentals go against the price.