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Beating the Street [Paperback]

Peter Lynch , John Rothchild
3.7 out of 5 stars  See all reviews (46 customer reviews)
List Price: CDN$ 18.99
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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.

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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

Most helpful customer reviews
7 of 8 people found the following review helpful
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 by tech/internet stocks. In any period, one can expect 1 of 100 money managers to far outperform both his or her peers and the broader market by chance. Mr. Lynch was that one money manager.
Mr. Lynch starts the book by turning investing into a game. Although his method was subtle (using an example of grammar school kids picking stocks), the implications are profound. Investing does share some resemblance to many games we play in life, and one of the Great Money Masters, the fictitious 'Adam Smith' readily admits this in his classic book on investment, The Money Game.
However, Mr. Lynch takes things one step beyond the game, and as the book's title hints, he turns all investment activities into a competition. In so doing, he pits the small investor against the institutional Players, and as a result, sets up the naive reader to walk a well-trodden path littered with sorrow and the bones of many foolish investors.
Granted, 'Adam Smith' once said, "The Players aren't smarter than you. They just have more information", and there also is a certain level of truth to Lynch's assertion that the Little Guy can outperform the Big Boys. However, Lynch fails to disclose one important and critical difference.
I believe it was Hemmingway who said, in response to Fitzgerald's observation that the rich were not like the ordinary schmuck, that "Yes, I know. They have more money.
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11 of 13 people found the following review helpful
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 Theories on investing April 6 2008
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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5.0 out of 5 stars Excellent May 23 2004
By Eleanor
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. He writes clearly giving examples of how one could do better than the Wall Street pros. This book is one of the best on investing that I have read.
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4.0 out of 5 stars Not Half Bad. April 17 2004
In my opinion, this book was a lot more readable than I would have expected a book about the stock market to be. The light humor (very light) kept the book interesting and there were plenty of good tips. The "20 Golden Rules" were great. Lynch obviously knows what he's doing and he proves it by giving real life examples from his own successful experience. The only setback I found was that the tips were made out to be really easy, but they sounded tough. Overall, though, I would recommend it to both beginners and pros involved in the stock market.
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Most recent customer reviews
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
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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
5.0 out of 5 stars Just a Great Book - Every Investor Must Read
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! Read more
Published on Jan. 22 2004 by J. E. Robinson
1.0 out of 5 stars Not helping much!!!!!
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. Read more
Published on Jan. 4 2004 by Jirawatana Chaitantipongse
3.0 out of 5 stars Easy for you to say
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... Read more
Published on Dec 31 2003 by Thomas Mongle
5.0 out of 5 stars Gives you the basics
The book is great for both amateurs and professionals.
Published on Sept. 25 2003
1.0 out of 5 stars Lynch loves himself very much
I can't believe this book has been reviewed 5 stars. It is horribly outdated (many companies it mentions are out of business), the writing is insubstancial and borders on... Read more
Published on Nov. 29 2002
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