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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.
Top customer reviews
I must admit it. After reading Getting Things Done: The Art of Stress-Free Productivity, I promised to myself that I would never ever again read a book with a standing suited author in the cover. Despite the trauma, I decided to make an exception for Mr. Lynch, as this little book is wildly praised among the investment community. I'm glad I read it! Not only that, now the probability that I read this other book has increased from nil to very small: Why We Suck: A Feel Good Guide to Staying Fat, Loud, Lazy and Stupid
I find this book useful for both the professional and the layman. For the professional, the value comes from the fact that part of the content here definitely won't be found in the usual Graham-Buffett-Fischer-Klarman-Mauboussin-Montier combo. Peter Lynch's work is somewhat original, in the sense that it places emphasis on some aspects of a good investment that are, at most, briefly mentioned in the classic works above. For the layman, the content is much more useful than what you hear from Jim Cramer and your sales broker combined (well, that's not very difficult). If Lynch's advice aids you to buy only one bagger stock (and it can help you on it), that's awesome enough.
The only drawback of the book is that, sometimes, it oversimplifies complex things. This seems to have been done with the intent of not confusing the layman and trying to make clear explanations to the general public. This is indeed a noble purpose. But, to some, it may give the misleading impression that the collective of very intelligent market participants are doing stupid things all the time. Don't get me wrong: despite attracting some of the best talent and brains around, the group wisdom of the market does stupid things on a few occasions. But that's the exception, not the rule. Finding truly outstanding opportunities in the market is very hard.
With that warning made clear, almost everything else here is worth the read. I definitely think you should put this one in your priority list of investment books.
Though I've had great success the past couple of years through subscribing to a couple of online investing advice services, this book helps to fill in gaps in my knowledge, plus give me more details about the most important issues related to stock investing. Most importantly, I'm now able to look at a company's balance sheet and find the most important and relevant information regarding a company's financial position that I did not know or frankly care to know about before. Lynch has a way of explaining things like this that make sense to me.
I really appreciate the candor of the author, not only telling how he found some of his biggest successes but also admitting how he failed or simply missed out on fantastic opportunities. He writes in a style that keeps me easily engaged, making it quite easy for me to have read through the nearly 300 pages much faster than I do with other books (less than two weeks!). I also appreciate his humor, which also struck a chord with me.
Some might think that the content being over 25 years old now might make this book outdated. However, I find that he writes about market tendencies and human nature that transcend time. And frankly, any student of investing should know about the Chrysler turnaround of the 1980s or the Oil Crisis of the early 1970s, for example, as they contain similarities and lessons that can be applied today.
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.
I did get some worthwhile fresh perspectives.