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Beating the Street [Paperback]

Peter Lynch , John Rothchild
3.7 out of 5 stars  See all reviews (47 customer reviews)
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Book Description

May 25 1994
Legendary money manager Peter Lynch explains his own strategies for investing and offers advice for how to pick stocks and mutual funds to assemble a successful investment portfolio.

Develop a Winning Investment Strategy—with Expert Advice from “The Nation’s #1 Money Manager.” Peter Lynch’s “invest in what you know” strategy has made him a household name with investors both big and small.

An important key to investing, Lynch says, is to remember that stocks are not lottery tickets. There’s a company behind every stock and a reason companies—and their stocks—perform the way they do. In this book, Peter Lynch shows you how you can become an expert in a company and how you can build a profitable investment portfolio, based on your own experience and insights and on straightforward do-it-yourself research.

In Beating the Street, Lynch for the first time explains how to devise a mutual fund strategy, shows his step-by-step strategies for picking stock, and describes how the individual investor can improve his or her investment performance to rival that of the experts.

There’s no reason the individual investor can’t match wits with the experts, and this book will show you how.

Frequently Bought Together

Beating the Street + One Up On Wall Street: How To Use What You Already Know To Make Money In The Market + The Intelligent Investor: The Definitive Book on Value Investing
Price For All Three: CDN$ 46.02


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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)
First Sentence
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

Most helpful customer reviews
11 of 13 people found the following review helpful
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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5.0 out of 5 stars Just a Great Book - Every Investor Must Read Jan. 22 2004
Format:Paperback
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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1.0 out of 5 stars Not helping much!!!!! Jan. 3 2004
Format:Paperback
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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3.0 out of 5 stars Easy for you to say Dec 30 2003
Format:Paperback
Lynch's story is a good account of how a top performing mutual fund manager (better than 25% a year over 13 years) accomplishes a superior track record, but it's a poor how-to manual for the individual investor. Unfortunately, you will not have the access to all the brokers, analysts, and CEOs that Lynch had by merely picking up the phone. Also, most investors do not have his knowledge of finance and business practice intricacies. Thus, his advice has to be taken with this in mind. Still, he's something of a genius and you can benefit from his experience.
His insight into why mutual fund ownership is not a good way to invest (due to philosophy, fees, size, past performance ratings, etc.) is timely advice today in light of recent revelations exposed by NY Attorney General Elliott Spitzer. But his best argument against investing in mutual funds has to be, "You never know where the next great opportunity will be, so don't get stuck in a fund that won't take advantage of it." The good thing about Lynch is that not only does he believe money can be made in the stock market year in and year out, but he's also proven it. It's just too bad that approximating his record the way he recommends is a real stretch.
His "buy what you know" and "check out the local malls" makes profitable investing sound easier than it really is. Just because your local clothier is prospering doesn't mean the store in the same chain 3000 miles away is also doing a bang-up business or that corporate headquarters has got its head on straight.
One area that I wished he'd commented on more was point of entry - when to buy. He talked a lot about liking a stock but missing out on it until it had already rallied a goodly percent.
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Most recent customer reviews
5.0 out of 5 stars Five Stars
So interesting et profitable
Published 1 month ago by JPDomaine
5.0 out of 5 stars Theories on investing
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. Read more
Published on April 6 2008 by Mootstreet
1.0 out of 5 stars Yet Another Mis-Leading Exhortation to Buy Stocks
This book, written in 1993, simultaneously comes at the end of Mr. Lynch's career in money management and the beginning of a long sprint in the broader stock market, largely fueled... Read more
Published on July 3 2004 by Gregory McMahan
5.0 out of 5 stars Excellent
It's hard to find a better written book on investing that Beating the Street. Despite working in the industy for many years, Peter Lynch urges people to do it for themselves. Read more
Published on May 22 2004 by Eleanor
4.0 out of 5 stars Not Half Bad.
In my opinion, this book was a lot more readable than I would have expected a book about the stock market to be. Read more
Published on April 17 2004 by Jordan M.
5.0 out of 5 stars Learn from the Master
Lynch's success comes not from his complex algorithms and estoric financial modeling, but from opening his eyes to the world and noticing good businesses. Read more
Published on April 6 2004 by doug1022
3.0 out of 5 stars Good but not Great
This book had a little more meat in it than the Learn and Earn. Solid information if you are just starting out
Summary:
Join an investors club
Pick a maximum of 10... Read more
Published on March 26 2004 by D. McGrath
5.0 out of 5 stars I like this one, too
Another good book from Peter Lynch. I can't remember what exactly is the best part. But it fills the gaps in the first book (One up on the Wall Street) and make you understand more... Read more
Published on March 25 2004 by Sherman
4.0 out of 5 stars Peter's Principles are great
They've has done it again, this book is very funny and filled with useful tips from seasoned investor Peter Lynch. Read more
Published on March 6 2004 by ReedFloren.com
5.0 out of 5 stars Gives you the basics
The book is great for both amateurs and professionals.
Published on Sept. 24 2003
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