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One Up On Wall Street: How To Use What You Already Know To Make Money In The Market Paperback – April 3 2000
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From the Back Cover
Peter Lynch is America's number-one money manager. His mantra: Average investors can become experts in their own field and can pick winning stocks as effectively as Wall Street professionals by doing just a little research.
Now, in a new introduction written specifically for this edition of One Up on Wall Street, Lynch gives his take on the incredible rise of Internet stocks, as well as a list of twenty winning companies of high-tech '90s. That many of these winners are low-tech supports his thesis that amateur investors can continue to reap exceptional rewards from mundane, easy-to-understand companies they encounter in their daily lives.
Investment opportunities abound for the layperson, Lynch says. By simply observing business developments and taking notice of your immediate world -- from the mall to the workplace -- you can discover potentially successful companies before professional analysts do. This jump on the experts is what produces "tenbaggers", the stocks that appreciate tenfold or more and turn an average stock portfolio into a star performer.
The former star manager of Fidelity's multibillion-dollar Magellan Fund, Lynch reveals how he achieved his spectacular record. Writing with John Rothchild, Lynch offers easy-to-follow directions for sorting out the long shots from the no shots by reviewing a company's financial statements and by identifying which numbers really count. He explains how to stalk tenbaggers and lays out the guidelines for investing in cyclical, turnaround, and fast-growing companies.
Lynch promises that if you ignore the ups and downs of the market and the endless speculation aboutinterest rates, in the long term (anywhere from five to fifteen years) your portfolio will reward you. This advice has proved to be timeless and has made One Up on Wall Street a number-one bestseller. And now this classic is as valuable in the new millennium as ever.
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I bought this book few years ago directly from the book store, I have read the book few times as a bible and now, I bought it for two friends of mine as a gift.
It will help any kind of investor for the simple reason that Peter Lynch describes the investing approaches used by him during his time as a portfolio manager of Magellan fund in a very simple and understandable manner without getting too much into financial details, but just to the level to help to understand the most important criteria for finding good companies that will likely outperform the market and thus to mitigate the risk of losing money investing in a low quality but probably highly advertised companies.
One of the things I liked the most in his book was that he shows finding good companies in a bit different prospective where the most important factor is not the professional financial skill set but rather the good sense and sound judgment that could easily be quantified with supporting financial data.
Another thing I liked also was that unlike many other authors, Peter Lynch separated the stocks into different groups and hence he showed every group characteristic, stock selecting criteria, price target, management in the portfolio, etc.
Based on the book and according to his different groups stock finding criteria, I was able to build my own stock searching screeners, and surprisingly for me, a lot of the stocks I have been finding, are very high quality stocks in terms of profitability, low debt, available cash, earnings etc., that usually outperformed the market for years and will likely continue to do so if the companies manage to keep up with the constantly changing market conditions and maintain similar or better financial yearly and quarterly results as in the past.
I found also that many of the stocks I have been finding according to his criteria, could be seen also as recommended by Zacks, MorningStart and other Financial advisor's institutions.
I am planning to show some of the stocks I have been selecting based on Peter Lynch' criteria on my web (stocksavvy net) so you could have better idea for the different criteria I am using and for the potential results as well.
Other websites like Gurufocus are also using Peter Lynch wisdom to find good stocks, but at the end as he says, if one uses just a common sense to find good companies, it would not be a big surprise at the end to outperform the market and the professional fund managers and thus helping to have sufficient funds upon retirement or even doing this for living.
The book emphasizes through numerous examples the importance of understanding the companies you invest in, picking winners, and collecting the important facts. Although some of the companies mentioned are no longer in existence, the reasoning and the thought process is as valuable as it was when the book was written.I particularly liked the list of questions to ask before buying a stock and for identifying suitable times to buy or sell a stock. "Not all common stocks are common"(Lynch 36).
In the end this was a good read but many of the topics are outdated. This book is significant to people staring on investment because it teaches you that the average investor can get rich.
Peter Lynch' claim that index funds contribute to market volatility is false. One only has to look at the portfolio turnover of a broad market fund to see.
His insistence that small investors should invest in the same sector where they work is potentially dangerous. A downturn in the sector can decimate both your job and your portfolio - imagine an oil worker who invest heavily in oil stock just before the 2020 oil collapse and recession. Diversifying is important.
Top international reviews
This is a charming book written by a modest and engaging character, full of great anecdotes and sound advice. It has a place in my top twenty books on investing. Thoroughly recommended,.
Peter Lynch is a Wall Street legend. He drove Fidelity’s Magellan mutual fund to some incredible returns in the 1970s and 1980s, year after year. This is the strength and weakness of the book at the same time.
While Lynch's track record is undeniable, the way he writes sometimes comes off as susceptibility to selection bias. There's a lot of anecdotal and historical information about Peter's trades and the companies he's looked at. There's a couple heuristic lessons that are probably worth reading about if you are brand-spanking-new but if you are looking for an overview of the fundamentals you are probably better off looking elsewhere.
I particularly like the sections where he details some of his investments (good and bad) and includes the charts explaining where he bought and sold and the reasoning behind that. Peter actually goes quite in depth on some of his biggest mistakes which is a really nice touch and takes it away from being overly preachy like a lot of other investment books.
So far I've read it twice and I fully intend to read it again.
In one place he is dismissive of technical analysis, so do not expect that.
Given that this was written 20 years ago, it is remarkable that so many good principles, and bad practices, can be seen widely today.
Worth reading, even if you do not follow the Lynch approach.
the book covers how to find companies to invest in, how to value companies, and when to get out of companies invested in - the main theme running through the book is that an amateur investor can and will out perform professionals if they avoid the noise from wall street and focus on companies they understand.
the book gives great example of companies that were a "10 bagger/20 bagger" (meaning if you invested £1 you would have made £10/£20 etc.). lynch also gives example of where he missed companies/lost money as wekll - so the advice is very well rounded.
so why 4 stars? the book is well written with great examples and advice - but i question how relevant this is today when there are software packages and websites that can perform instant ratio checks, and profitability measures etc. - basically meaning that i am unsure whether lynch would have been as successful today as he was when the book was written - late 1980's. other than that, son't be put pff. this is a great book and well worth the read....
The theme of the book is that everyday folk like me will be open to spotting great investment opportunities before anyone on Wall Street or the London Stock Exchange gets a whiff of it. Once you spot the opportunity on the street, Peter makes light work explaining how you evaluate the company before investing.
One example in the book is of a fireman who drove past a factory everyday, and everyday he saw jobs being advertised and improvements being made to the grounds and buildings. This told him the company must be doing well and was experiencing growth (and didn't need to be a financial whizz to work it out). Long story short he retired a millionaire thanks to a fairly small investment in this company that became a global brand.
This book explains that we all have first hand experience with products, brands and companies that could be great investment opportunities. We don't need to be in the financial world to spot them.
*the reason for one minus star*
Lynch keeps on repeating same concepts for several pages (even chapters). At times, I felt I was rereading the previous page( or chapters). other than this, highly recommended book for investors