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Title: Beating the Street by Peter Lynch, John Rothchild ISBN: 0-671-75915-9 Publisher: Simon & Schuster Pub. Date: 31 January, 1993 Format: Hardcover Volumes: 1 List Price(USD): $23.00 |
Average Customer Rating: 3.57 (37 reviews)
Rating: 5
Summary: Just a Great Book - Every Investor Must Read
Comment: I guess what I find funny is that some of the other reviewers say this book does not help. Having read the book I am really quite taken aback.
This is a wonderful book! This is a book written by real investment guru with a strong track record. His advice is solid.
In many ways I found this to be a very surprising book to read. What I found surprising was the degree to which Peter Lynch tries to think independently and look at the big picture. His advice is very practical and very down to earth. He follows his own instincts and does not follow other people's advice. He tries to follow social trends and go to malls and other places - where anyone can go - to get an idea about what product or store is hot and what is not. Then he investigates the financials of that "hot" prospect.
For example if he learns from his wife that a new store like the Gap or similar is suddenly full of shoppers and things are flying off the shelves, he will investigate the financials, cash flow, etc. If the stock is a "buy" he will not sell when it goes up 25%. He will set a price in his mind where he thinks the stock can go, say 200% or 400% higher. Then he will buy and hold until that occurs, holding the stock through volatile fluctuations. And he does that on his own. Once he can accumulate a number of multi-integer growth stocks, then the portfolio tends to take care of itself and small losers are easily written off.
A very good read. He talks about mutual funds and S&P type investments also.
Five stars.
Jack in Toronto
Rating: 1
Summary: Not helping much!!!!!
Comment: The only lesson I learnt and agreed with this book is to diversify your investment. And THAT! is what the entire world already knew about the investment long time ago. It is so easy to say in the book, but in a reality, I don't think average investors could follow Lynch's advice. How could you call your target company and ask for the update or (even funnier) call up so-called CEO. Mr. Lynch could do that easily because he was a fund manager. And most fund managers are welcomed by all listed companies (if not, they still have to accept the visit request). The book is perhaps best (well let's put a big ?) used in the States. But most of his guidances will definitely not work in emerging markets like China, Thailand, etc. Why? if you look at listed companies in these countries, you would find out that their dividend payout history is entirely different story from what Lynch has said in the book. And if you have read a real valuation book, you'll find out that this book is so watery. I totally agree that the capital gain from equity is far more greater than those recevied from the Bond's. But you need to be careful of putting your fund entirely in this market. Huge gain comes with enormous risk. This is why most of the valuation and investment books mention risk in their beginning chapters. I have witnessed many times that huge capital gains do not necessarily associate with good solid companies. As you know most of the investors are speculators. Think about of what Lynch's advices in his book. And buy a real investment / valuation book and compare (i.e., Damodaran's). You will know exactly of what I mean.
Rating: 3
Summary: Easy for you to say
Comment: Lynch's story is a good account of how a top performing mutual fund manager (better than 25% a year over 13 years) accomplishes a superior track record, but it's a poor how-to manual for the individual investor. Unfortunately, you will not have the access to all the brokers, analysts, and CEOs that Lynch had by merely picking up the phone. Also, most investors do not have his knowledge of finance and business practice intricacies. Thus, his advice has to be taken with this in mind. Still, he's something of a genius and you can benefit from his experience.
His insight into why mutual fund ownership is not a good way to invest (due to philosophy, fees, size, past performance ratings, etc.) is timely advice today in light of recent revelations exposed by NY Attorney General Elliott Spitzer. But his best argument against investing in mutual funds has to be, "You never know where the next great opportunity will be, so don't get stuck in a fund that won't take advantage of it." The good thing about Lynch is that not only does he believe money can be made in the stock market year in and year out, but he's also proven it. It's just too bad that approximating his record the way he recommends is a real stretch.
His "buy what you know" and "check out the local malls" makes profitable investing sound easier than it really is. Just because your local clothier is prospering doesn't mean the store in the same chain 3000 miles away is also doing a bang-up business or that corporate headquarters has got its head on straight.
One area that I wished he'd commented on more was point of entry - when to buy. He talked a lot about liking a stock but missing out on it until it had already rallied a goodly percent. The old adage in Wall Street says "I'd rather buy a bad stock at a good price than a good stock at a bad price." Translation: Every stock has an optimum entry point and if you miss it, you shouldn't chase it. Find another gem. He doesn't seem to agree. He's looking for his "10 baggers." Stocks that appreciate 1000%. He does stress that the long term stock market return is somewhere around 8% - something we all forgot in the late 90s. So that means there aren't that many 10 baggers around.
Another weakness is his dependence on company reported earnings growth. We've just been through enough scandals to educate us to the fact that "earnings" frequently can be whatever someone wants them to be.
The last half of the book gets bogged down in his thought processes as he finds, researches, and picks his big winners. The mental work is revealing and does have merit in learning how good stock pickers think, but again, it's not something an individual investor can master as easily as Lynch makes it out to be. Remember, he admits he retired early because of too many 24/7s on the job, whereas the individual investor has to work with what can be easily and accurately obtained.
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Title: The Warren Buffett Way, : Investment Strategies of the World's Greatest Investor by Robert G. Hagstrom ISBN: 0471177504 Publisher: John Wiley & Sons Pub. Date: March, 1997 List Price(USD): $9.99 |
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Title: One Up On Wall Street : How To Use What You Already Know To Make Money In The Market by Peter Lynch ISBN: 0743200403 Publisher: Fireside Pub. Date: 03 April, 2000 List Price(USD): $14.00 |
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Title: Learn to Earn : A Beginner's Guide to the Basics of Investing and Business by Peter Lynch ISBN: 0684811634 Publisher: Simon & Schuster Pub. Date: 25 January, 1996 List Price(USD): $14.00 |
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Title: Rich Dad's Guide to Investing: What the Rich Invest in, That the Poor and the Middle Class Do Not! by Robert T. Kiyosaki, Sharon L. Lechter ISBN: 0446677469 Publisher: Warner Books Pub. Date: June, 2000 List Price(USD): $17.95 |
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Title: The 16% Solution How To Get Interest Rates by Joel S. Moskowitz ISBN: 0836280849 Publisher: Andrews McMeel Publishing Pub. Date: December, 1994 List Price(USD): $26.95 |
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