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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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Top Customer Reviews
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.
Be suspicious of companies with growth rate of 50 to 100% a year, rately fast growers (20-25%) in non growth industries are ideal investments,Look for companies with niches, When purchasing depressed stocks in troubled companies, seek out the ones with the superior financial positions and avoid the ones with loads of bank debt, Companies that have no debt can’t go bankrupt, Managerial ability may be important, but it’s quite difficult to assess. Base your purchases on the company’s prospects, not on the CEO’s resume or speaking ability. it also warns you that the earnings growth rate should be constant no sporadic. basically this book helps those eager in investing to avoid traps and to always assume the worst and that investigation is necessary before investing in companies growing rapidly.
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.
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)?