Позволявам си да ви натрапя много малка част като извадки от тази страхотна книга. Сами по себе си те говорят много, но още повече биха ви говорили ако прочетете цялата творба. Тук ще добавя, че това е първата финансова книга на която съм се смял с глас. Просто Линч има страхотно чувство за хумор когато описва пътя който е извървял. Кратка справка относно чувството му за хумор може да придобиете като прочетете цитат номер 15.
1. The financial weather is followed as closely as the real weather: highs, lows, troughs, turbulence, and endless speculation about what’s next and how to handle it. People are advised to think long-term, but the constant comment on every gyration puts people on edge and keeps them focused on the short term. It’s a challenge not to act on it. If there were a way to avoid the obsession with the latest ups and downs, and check stock prices every six months or so, the way you’d check the oil in a car, investors might be more relaxed.
2. There are at least three good reasons to ignore what Peter Lynch is buying: he might be wrong! (A long list of losers from my own portfolio constantly reminds me that the so-called smart money is exceedingly dumb about 40 percent of the time); even if he’s right, you’ll never know when he’s changed his mind about a stock and sold; and you’ve got better sources, and they’re all around you. What makes them better is that you can keep tabs on them, just as I keep tabs on mine.
3. he nice thing about investing in familiar companies such as L’eggs or Dunkin’ Donuts is that when you try on the stockings or sip the coffee, you’re already doing the kind of fundamental analysis that they pay Wall Street analysts to do. Visiting stores and testing products is one of the critical elements of the analyst’s job.
4. If you rely on the market to drag your stock along, then you might as well take the bus to Atlantic City and bet on red or black. If you wake up in the morning and think to yourself, “I’m going to buy stocks because I think the market is going up this year,” then you ought to pull the phone out of the wall and stay as far away as possible from the nearest broker. You’re relying on the market to bail you out, and chances are, it won’t.
5. Wall Street thinks just as the Greeks did. The early Greeks used to sit around for days and debate how many teeth a horse has. They thought they could figure it out by just sitting there, instead of checking the horse. A lot of investors sit around and debate whether a stock is going up, as if the financial muse will give them the answer, instead of checking the company.
6. n centuries past, people hearing the rooster crow as the sun came up decided that the crowing caused the sunrise. It sounds silly now, but every day the experts confuse cause and effect on Wall Street in offering some new explanation for why the market goes up: hemlines are up, a certain conference wins the Super Bowl, the Japanese are unhappy, a trendline has been broken, Republicans will win the election, stocks are “oversold,” etc. When I hear theories like these, I always remember the rooster.
7. There’s an unwritten rule on Wall Street: “You’ll never lose your job losing your client’s money in IBM.”If IBM goes bad and you bought it, the clients and the bosses will ask: “What’s wrong with that damn IBM lately?” But if La Quinta Motor Inns goes bad, they’ll ask: “What’s wrong with you?”
8. Buy the right stocks at the wrong price at the wrong time and you’ll suffer great losses.Buy the wrong stocks at the right time and you’ll suffer more of the same.
9. No wonder people make money in the real estate market and lose money in the stock market. They spend months choosing their houses, and minutes choosing their stocks. In fact, they spend more time shopping for a good microwave oven than shopping for a good investment.
10. When management owns stock, then rewarding the shareholders becomes a first priority, whereas when management simply collects a paycheck, then increasing salaries becomes a first priority.
11. If the loss of one customer would be catastrophic to a supplier, I’d be wary of investing in the supplier.
12. A share of stock is not a lottery ticket. It’s part ownership of a business.
13. A quick way to tell if a stock is overpriced is to compare the price line to the earnings line. If you bought familiar growth companies when the stock price fell well below the earnings line, and sold them when the stock price rose dramatically above it, the chances are you’d do pretty well.
14. The p/e ratio can be thought of as the number of years it will take the company to earn back the amount of your initial investment— assuming, of course, that the company’s earnings stay constant. Let’s say you buy 100 shares of K mart for $3,500. Current earnings are $3.50 per share, so your 100 shares will earn $350 in one year, and the original investment of $3,500 will be earned back in ten years. However, you don’t have to go through this exercise because the p/e ratio of 10 tells you it’s ten years.
15. I wish I had saved this report and had it framed for my office wall that was sent to me from another brokerage firm that read: “Due to the recent bankruptcy, we’re removing this stock from our buy list.”
16. There are five basic ways a company can increase earnings*: reduce costs; raise prices; expand into new markets; sell more of its product in the old markets; or revitalize, close, or otherwise dispose of a losing operation.
17. It’s never too late not to invest in an unproven enterprise.
18. Understand the nature of the companies you own and the specific reasons for holding the stock. (“It is really going up!” doesn’t count.)
19. I put in twenty years in the business before it finally dawned on me that whether a stock costs $50 a share or $1 a share, if it goes to zero you still lose everything. If it goes to 50 cents a share, the results are slightly different. The investor who bought in at $50 a share loses 99 percent of his investment, and the investor who bought in at $3 loses 83 percent, but what’s the consolation in that?
20. Regarding somebody else’s gains as your own personal losses is not a productive attitude for investing in the stock market.
21. In most cases it’s better to buy the original good company at a high price than it is to jump on the “next one” at a bargain price.
22. If I had to choose a great single fallacy of investing, it’s believing that when a stock’s price goes up, then you’ve made a good investment. People often take comfort when their recent purchase of something at $5 a share goes up to $6, as if that proves the wisdom of the purchase. Nothing could be further from the truth. Of course, if you sell quickly at the higher price, then you’ve made a fine profit, but most people don’t sell in these favorable circumstances. Instead they convince themselves that the higher price proves that the investment is worthwhile, and they hold on to the stock until the lower price convinces them the investment is no good. If it’s a choice, they hold on to the stock that’s risen from $10 to $12, and they get rid of the one that’s dropped from $10 to $8, while telling themselves that they have “kept the winner and dumped the loser.”
23. A stock’s going up or down after you buy it only tells you that there was somebody who was willing to pay more—or less—for the identical merchandise.
24. The large potential return is attractive to many small investors who are dissatisfied with getting rich slow.
25. Most shorters are right, eventually—didn’t John Maynard Keynes say in the long run “we all are dead”
26. The market, like individual stocks, can move in the opposite direction of the fundamentals over the short term.
27. Just because a company is doing poorly doesn’t mean it can’t do worse.
28. Just because the price goes up doesn’t mean you’re right.
29. Just because the price goes down doesn’t mean you’re wrong.
30. You don’t lose anything by not owning a successful stock, even if it’s a tenbagger.
31. A stock does not know that you own it.
32. You won’t improve results by pulling out the flowers and watering the weeds.
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