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Beating the Street Paperback – May 25 1994


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Product Details

  • Paperback: 336 pages
  • Publisher: Simon & Schuster; Revised edition edition (May 25 1994)
  • Language: English
  • ISBN-10: 0671891634
  • ISBN-13: 978-0671891633
  • Product Dimensions: 14 x 2.3 x 21.4 cm
  • Shipping Weight: 281 g
  • Average Customer Review: 3.7 out of 5 stars  See all reviews (47 customer reviews)
  • Amazon Bestsellers Rank: #17,728 in Books (See Top 100 in Books)
  • See Complete Table of Contents

Product Description

From Publishers Weekly

Until retiring in 1990, Lynch ( One Up on Wall Street ) was manager of the spectacularly successful Fidelity Magellan Fund. Here he recalls with self-deprecating humor and disarming candor how he went about choosing winning stocks (and missing a few) for the $12 billion fund, which, during one five-year period in the 1980s, earned investors a 300% return. Lynch strongly favors stocks over other investment vehicles but insists that "investigative" research into a corporation's prospects, including credit checks and visits to the firm's installations, is essential. "Focus on companies, not the stocks," he stresses, adding that on this basis limited partnerships, banks and even S & Ls can be sound investments. Lynch's reputation and business writer Rothchild's deft touch should yield big sales for this inside story. Major ad/promo; first serial to Money magazine; BOMC and Fortune Book Club alternates; author tour.
Copyright 1993 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.

From Library Journal

Lynch is the master stock picker who led Magellan (until May 1990) to its position as America's biggest mutual fund. In One Up on Wall Street (Simon & Schuster, 1989), also written with Rothchild, he described his winning methods. Here, he provides a few more elaborations and 21 "Peter's principles." Some are overly clever, e.g., being first in line is a great idea except on the edge of a cliff. Lynch takes three chapters to explain how he "done it good" at Magellan. One valuable chapter details methods for picking a mutual fund from the thousands available, but most of the book is devoted to demonstrating his research into picking the 21 stocks he recommended in the January 1992 Barron's roundtable. Still, since the average investor will not get to talk to the CEO or visit the company in person, maybe we should all just buy Lynch's recommendations each year. A tossup. Previewed in Prepub Alert, LJ 11/1/92.
- Alex Wenner, Indiana Univ. Libs., Bloomington
Copyright 1993 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.

Inside This Book (Learn More)
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A retired fund manager is qualified to give only investment advice, not spiritual advice, but what inspires me retake the pulpit is that a majority in the congregation continue to favor bonds. Read the first page
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Customer Reviews

3.7 out of 5 stars

Most helpful customer reviews

13 of 15 people found the following review helpful By Dan E. Ross on Feb. 28 2002
Format: Paperback
Having worked on Wall Street I think this book is great and poor at the same time.
Great because
1) It is ideal to read for the casual to serious investor.
2) Some of Lynch's prominent themes like "Buy what you know" and investigating the companies that you buy are great strategies, especially for non-professionals.
3) He walks you through his thought process on numerous stocks in several industries, highlighting mistakes as well as successes. I found his various rules of thumb with respect to each industry (retail, restaurants, cyclicals) helpful
I say it is poor because Lynch himself used to buy and sell stocks frequently. So while he says "buy and hold" he did that, but he also traded the heck out of stocks he knew inside and out. When they got expensive, he would trim his position and when something got really cheap he would buy the heck out of it. This enabled him to compound his returns by a phenomenal amount
Lynch primarily invested in retail stocks. This was great as brand names and the "homogenization" of retail concepts via chain stores was sweeping the nation with the baby boom wave. However, most of that "easy money" was made along time ago. Current baby boom themes of biotech, health care, along with some financial service industry stuff is tougher to make money at and it doesn't grow as fast as retail. Well, biotech can but it is far riskier.
Lynch never talks about debt. The U.S. economy expanded in the 80's due to 1) heavy government spending, which created a huge national debt (2) consumer spending a ton of money and going into debt and (3) the entrepreneurial spirit. The government actually funded a lot of the developments we see today. The problem with this is that they have mortgaged the future to pay for past wealth creation.
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Format: Paperback
Peter Lynch, the legendary money manager of Fidelity Magellan Fund, reveals many stocks he picked when he ran the fund and the thought process behind each investment. One Up on Wall Street is about the theory while Beating the Street is about the application of Peter Lynch’s investing principles.

The first half of the book talks about Peter Lynch’s career as Magellan’s manager; the second part is about his stock pick at Barron’s in 1992 and his follow up checkup after six months. He also devoted a chapter each for retail, S&L, cyclical, and utility companies. These chapters are very useful for investors who want to analyze stocks in these industries because he explains what to look for in a particular industry. The last chapter, 25 Golden Rules, summarizes his investing principles and is truly golden for every investor.

This book is easy to read and understand, fairly entertaining as it combines theory and practices together. Most books on investing are only on theory; it is nice to see how a professional applies the theories in the real world.

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I guess what I find funny is that some of the other reviewers say this book does not help. Having read the book I am really quite taken aback.
This is a wonderful book! This is a book written by real investment guru with a strong track record. His advice is solid.
In many ways I found this to be a very surprising book to read. What I found surprising was the degree to which Peter Lynch tries to think independently and look at the big picture. His advice is very practical and very down to earth. He follows his own instincts and does not follow other people's advice. He tries to follow social trends and go to malls and other places - where anyone can go - to get an idea about what product or store is hot and what is not. Then he investigates the financials of that "hot" prospect.
For example if he learns from his wife that a new store like the Gap or similar is suddenly full of shoppers and things are flying off the shelves, he will investigate the financials, cash flow, etc. If the stock is a "buy" he will not sell when it goes up 25%. He will set a price in his mind where he thinks the stock can go, say 200% or 400% higher. Then he will buy and hold until that occurs, holding the stock through volatile fluctuations. And he does that on his own. Once he can accumulate a number of multi-integer growth stocks, then the portfolio tends to take care of itself and small losers are easily written off.
A very good read. He talks about mutual funds and S&P type investments also.
Five stars.
Jack in Toronto
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The only lesson I learnt and agreed with this book is to diversify your investment. And THAT! is what the entire world already knew about the investment long time ago. It is so easy to say in the book, but in a reality, I don't think average investors could follow Lynch's advice. How could you call your target company and ask for the update or (even funnier) call up so-called CEO. Mr. Lynch could do that easily because he was a fund manager. And most fund managers are welcomed by all listed companies (if not, they still have to accept the visit request). The book is perhaps best (well let's put a big ?) used in the States. But most of his guidances will definitely not work in emerging markets like China, Thailand, etc. Why? if you look at listed companies in these countries, you would find out that their dividend payout history is entirely different story from what Lynch has said in the book. And if you have read a real valuation book, you'll find out that this book is so watery. I totally agree that the capital gain from equity is far more greater than those recevied from the Bond's. But you need to be careful of putting your fund entirely in this market. Huge gain comes with enormous risk. This is why most of the valuation and investment books mention risk in their beginning chapters. I have witnessed many times that huge capital gains do not necessarily associate with good solid companies. As you know most of the investors are speculators. Think about of what Lynch's advices in his book. And buy a real investment / valuation book and compare (i.e., Damodaran's). You will know exactly of what I mean.
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