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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
"Warlight" by Michael Ondaatje
A dramatic coming-of-age story set in the decade after World War II, "Warlight" is the mesmerizing new novel from the best-selling author of "The English Patient." Pre-order today
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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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His main premise is that individuals, such as me and you, take part in the economy and are well aware of new trends and investing opportunities. By being aware and doing diligent homework before investing, you can find numerous "baggers" - stocks which increase by multiples over time - that can make you quite wealthy. In fact, Lynch points out this gives the average person an edge against professional investors, thus giving the book it's title. Throughout the book he details his ideas and methods for analyzing companies and serves as a good foundation to the value oriented investors. The author also seems to have a good sense of humor (like Buffett) which makes the book joyful to read.
The only downside of the book which I can find is that it is a bit outdated as it was written decades ago. Much has happened since then such as the dotcom bubble and the 2008 recession. But I find this a minor issue as the lessons and techniques detailed in the book are general enough to apply broadly. It in no way takes anything away from the quality of the book.
I still think its a great book, but he is giving the average individual investor too much credit on being able to interpret what the financial statements are really saying and how to think about valuation of the stock. I really like his take on being aware of what you are seeing and hearing around you (not on TV or the web) as you walk through the mall to see the hot stores with the crowds, listen to your kids on hot products or fashions, etc. But once you get these ideas and then analyze the financial statements and valuation, most will want to also bounce the idea off a professional (financial adviser) or at least use a quantitative service like zacks.
When you're buying a stock, your buying the future earnings of a company. Learn how to evaluate companies from an ownership perspective.
Plus, learn common pitfalls of investing.
Plus, Mr. Lynch's anecdotes and observations will keep you chuckling. Obviously written by a person "who has been there and done it" in spades.
Perhaps some examples are a little dates. Perhaps if Mr. Lynch could launch an updated book with more recent examples and observations (please, please)?
In signature Lynch style, the book makes stock picking appear easy. Although seemingly oversimplified in some aspects, the overall tone of the book does truly break-down the most important areas of information to look at when picking a security.
One addition that I particularly enjoyed was at the end of chapters with multiple figures to remember, Lynch creates a “checklist” to ensure that the most important takeaways are solidified for the reader. My favorite checklists were at the end of the chapters entitled “Is This A Good Market? Don’t Ask” and “The Final Checklist”.
Another part of the book that I enjoyed was the chapter entitled “Options, Futures, and Shorts.” A quote early in this chapter states, “I’ve never bought a future nor an option in my entire investing career, and I can’t imagine buying one now.” It is reassuring to hear an investing master of our time share a similar opinion to mine regarding the use of these instruments to speculate in the market.
For those who say this book is somewhat dated, I have to say I disagree. The fundamentals discussed are just as relevant today as they were when the book was written.
This is a great read.