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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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Anise C. Wallace The New York Times Mr. Lynch's investment record puts him in a league by himself.
From the Back Cover
THE NATIONAL BESTSELLING BOOK THAT EVERY INVESTOR SHOULD OWN
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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If you are already familiar with stocks, I would still recommend this book. It really geeks you up and makes you feel as if you too can become a successful stock trader.
The best aspect about this book is that while you read it, you feel like an actual stock broker. The words on the page transport you into a world where you are a successful mutual fund manager. Peter Lynch is very knowledgeable and gives great advice.
Having said that the book does give a decent road map to picking stocks based on fundamental parameters. I suggest that before buying a stock as an investment a person should look at the technical behavior of the stock to at least tell whether institutions are accumulating or distributing shares. This way you can buy a stock that has the right fundamentals for being a good investment at the right time.
Lynch argues that every person already has an insider advantage for investing based on the area they work in. For example, a dentist may notice that a certain brand of floss works much better and is much more prevalent than competing brands. Once these products are recognized, people should conduct research based on what they know, and continue to keep their eyes and ears open for potential investments. However, it’s important not to get caught up in the recommendations or local gossip about a company; this is simply noise, and more often than not will lead you astray. Lynch also recommends investing in companies that are boring and predictable; if you can’t explain what a company does in 2 minutes to a 10 year old, you don’t understand enough about the business to invest in it. Furthermore, it’s important to stay away from the hot and exciting companies, because these ones are more likely to fail than niche businesses in a specific industry. Categorizing stocks (stalwarts, slow growers, fast growers, asset plays, cyclicals and turnarounds) can help you to determine what metrics to looks for. Finally, plan to invest in the long term, and don’t get concerned about panics in the market. Even if you decide to invest later in a company’s life, you can still make a ten-bagger or better.
My only criticism is that One Up on Wall Street was written in the 1980s, so the events and companies mentioned in the book are pretty dated. There were also fewer analysts and less information on companies in the 1980s, so it was easier to find businesses the stock market had over-looked. Still, the book is a great beginner’s guide to investing and has some timeless advice that anyone in the finance industry could find helpful.