I do follow somewhat of a similar strategy, but far more judgmental.
Few things I bought in the past year that were "hated" were WFM @ 42 and BP @ 40 and TGT @ 61.
These were stocks I wanted to add or initiated, but once they were "hated" a lot and the stock had, in my opinion, become attractive, I went in or added.
They don't have to be despised necessarily, but in many cases it's obvious when the market overreacts. Even recently, AMZN dipped nearly 20% from a recent high as did NFLX over 30% down I believe due to misses, but nothing had fundamentally changed in their respective universes. I wanted to get into both, but missed out due to lack of sufficient capital to invest.
It's not foolproof, as there's a lot of judgment in whether a downtrend is warranted, but usually I start researching when I hear a lot of negativity in the news.