Before you proceed any further, you should realize that these “stocks to buy” (and I’m putting the term inside quotation marks for a reason) represent incredible risks. Yeah, yeah, I know that Warren Buffett said to be fearful when others are greedy, and greedy when others are fearful. I’m not entirely sure he realized people would cite this snippet for all eternity.

Anyways, the idea behind these stocks to buy presents a simple framework. These market ideas are down big — extremely so — on a year-to-date basis. However, big losses could equate to big gains, especially if the underlying securities return to prior plateaus. The compelling angle is that the losses are so steep that even a partial return higher may produce extraordinary gains.

Underlying the intense volatility for these contrarian stocks to buy is the Federal Reserve. With the central bank committed to a hawkish monetary policy, borrowing costs spiked amid a reduction of the money supply. That’s problematic for several risk-on-market ideas. At the same time, it also presents an opportunity for the risk-tolerant gambler.

If that’s you, here are stocks to buy if you’re feeling greedy (and perhaps a little reckless).

Carvana (CVNA)

Once a screaming-hot name amid the Covid-19 backdrop, online car retailer Carvana (NYSE:CVNA) now feels the heat. Back when the mysterious SARS-CoV-2 virus was floating around, several folks from New York City and presumably other East Coast metropolitan residents bought cars for the first time. It’s an understandable narrative. Nobody wanted to take public transportation at the time.

Today, the situation dramatically shifted. For one thing, Covid-19 fears are fading. Therefore, the incentive to buy vehicles from Carvana (and incur a higher-than-average transaction cost for the convenient deliver-to-home service) declined. Second, skyrocketing inflation in the first half of 2022 hurt consumer sentiment. While this narrative now might swing in the other direction, the trajectory may take time to materialize.

However, for the greedy seeking stocks to buy, Carvana does have one small ace up its sleeve. Per the Wall Street Journal, the average age of cars on U.S. roadways hit a record 12.2 years. Thus, it might be better to buy a new (or new-ish) vehicle than to repair a money pit.

LendingTree (TREE)

Personally, I believe you must either have nerves of steel or be completely reckless to wager heavily on LendingTree (NASDAQ:TREE). Let’s see, as of the close of the Oct. 12 session, TREE stock has hemorrhaged more than 82% of equity value year to date. Okay, I’m going with the latter assessment. It’s pure recklessness to buy LendingTree shares.

Fundamentally, the issue as I stated earlier is the Federal Reserve. Because of the unprecedented support that Washington ordered to essentially save the U.S. economy amid the Covid-19 onset, the M2, or money stock, expanded dramatically. Now, the Fed has the unenviable task of unwinding said expansion. That’s going to be deflationary for the money stock. Further, it’s going to be deflationary for consumer sentiment.

Yes, profitability for lenders will increase but who will borrow? That’s the Catch-22 here.

However, I suppose that one could make the argument that several astute consumers still exist on the sidelines. With deflationary forces bringing down various asset prices, products such as mortgage services might increase. It’s a terribly risky bet among stocks to buy but it’s there for you if you want it.

Innovative Industrial Properties (IIPR)

Arguably one of the safest ideas in the “botanical” (marijuana) space, Innovative Industrial Properties (NYSE:IIPR) does not itself provide botanical products. Instead, the company structures itself as a real estate investment trust. Further, Innovative Industrial focuses on providing real estate capital for those who are engaged in the cannabis business.

Because Innovative merely provided the means for controversial firms to conduct their operations, the REIT managed to avoid the reputational challenges associated with pure-play botanical specialists. That’s the positive side of the story. Unfortunately, throughout this year, the narrative did not pan out well. IIPR shed nearly 63% of equity value as consumer sentiment soured on discretionary purchases.

Still, I suppose that the upside framework for IIPR is burgeoning in relevance. Some weak medical evidence suggests that certain green plants may provide specific mental health benefits. With a looming global recession likely to spark severe mental health crises if it materializes, IIPR represents a cynical take among stocks to buy.

Shopify (SHOP)

One of the best-performing stocks to buy during the initial phase of the Covid-19 crisis, Shopify (NYSE:SHOP) earlier benefitted from a hostage audience. During the onset of the pandemic, government agencies mandated shelter-in-place orders. Even when they lifted quarantine, many jurisdictions clamped down on non-essential activities. Therefore, there was little else to do except exercise some retail therapy.

Unfortunately, skyrocketing inflation did a number on consumer sentiment. Further, with gasoline prices jumping to historic highs, shoppers felt the pain. In response, people redirected their purchases to mostly the essentials, handing the discretionary sector the crumbs. Of course, that didn’t help Shopify and its merchants. At the time of writing, SHOP stock has plunged 81% YTD.

Perhaps, the contrarian case here is that investors at large will recognize the undervalued nature of SHOP stock. Indeed, Gurufocus rates Shopify’s business as “significantly undervalued.” The key metric to watch here is the balance sheet, specifically the equity-to-asset ratio of 0.81. In comparison, the industry median is 0.58.

Beyond Meat (BYND)

One of the more popular stocks to buy when it made its public market debut, plant-based meat company Beyond Meat (NASDAQ:BYND) played into significant demographic trends. Specifically, younger generations focus heavily on issues related to sustainability. Therefore, Beyond’s specialization in fake meat — which I must say is quite tasty — brought much interest to the table.

Unfortunately, that’s about the only thing that it brought in the long run. Since the start of this year, BYND stock fell more than 78%. Per data from Google Finance, the lifetime return of BYND is a loss of 79%. At the same time, I suppose you can say that Beyond sits on a killer deal. Recall that BYND’s initial offering price stood at $25.

Beyond that (no pun intended), investors will face a challenging road to the upside. It’s possible that over time, BYND could make for a compelling case among stocks to buy. For instance, millennials gravitated toward fake meat. But this narrative does need to materialize sooner rather than later.

Fiverr (FVRR)

While suffering significant losses at the moment, Fiverr (NYSE:FVRR) makes for an intriguing case for contrarian stocks to buy. A global online marketplace for freelance services, Fiverr connects professional talent with companies seeking specific duties to fill. Therefore, Fiverr symbolizes a pure-play market idea for the burgeoning gig economy.

According to experts in the field, the gig economy might command a gross volume of $455.2 billion by 2023. Further, investors of contrarian stocks to buy should look at the return-to-the-office debate. Predictably, employees don’t want to return to their physical posts. Further, 40% of them are ready to start their own business. This translates to a possibly greater expansion of the gig economy.

However, so far, Wall Street isn’t feeling FVRR. The stock fell 73.5% since the beginning of this year. Even in the trailing five days, it lost a steep 10%. Therefore, investors will tack on substantial risks with Fiverr. Still, that gig economy angle could be enticing.

Hive Blockchain (HIVE)

Interest in Hive Blockchain (NASDAQ:HIVE) as it pertains to contrarian stocks to buy makes for an obvious case. Back in late 2020, HIVE stock skyrocketed as the underlying cryptocurrency sector took off. HIVE continued to make significant gains following a lull up until November 2021. Of course, that timeframe coincided with the peak in the crypto market. From there on, HIVE suffered severe red ink.

How severe? We’re talking about a loss of over 75% since the January opener. Further, what makes HIVE incredibly risky at this juncture centers on the underlying company’s pure risk-on nature. As you might expect, the company ranks poorly in terms of profitability. It’s all about growth here, which is fine during the bullish cycles. But when cryptos go bearish, the market can be quite depressing.

However, the contrarian case for stocks to buy is that eventually, cryptos can make a comeback. Indeed, anything and everything can happen in this space. Therefore, it wouldn’t be the craziest thing to see HIVE jump on a blockchain resurgence. I just wouldn’t hold my breath.

On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.