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both Peter Lynch and Warren Buffett are legendary investors who have achieved remarkable success in the stock market while their investment philosophies share some similarities there are also distinct differences in their approaches let's compare their ways to invest or Lynch is known for his active management style and is famous for his work as the manager of the Fidelity Magellan fund from 1977 to 1990.
his investment philosophy emphasizes the concept of invest in what you know Lynch believed that individual investors have an advantage by investing in companies they understand and products they use in their everyday lives Lynch advocated for a bottom-up approach where investors should focus on researching individual companies rather than trying to time the market he was a proponent of finding multibaggers which are stocks that can increase in value several times over Lynch believed in looking for undervalued companies with strong growth potential healthy financials and a competitive advantage in their industry let's listen what he said in 2019 in the stock market the most important organ is the stomach it's not the brain there's always on the way to work the amount of bad news you can hear is almost infinite now so the question is can you take that I mean do you really have faith that 10 years 20 years 30 years from now Common Stocks are a place to be if you believe in that you should have some money in Equity Funds I mean it's a question what's your tolerance for pain I mean the stock market's a very good place to be but I can toss a coin now it's gonna be lower in two years from now higher I don't know more people lost money waiting for Corrections and anticipating Corrections then the actual Corrections well you ought to look in the mirror every day and say what am I going to do if Mario goes down 10 percent what do you do if it goes down 20.
am I going to sell am I going to get out that's your answer you should be reducing it today well hey this perfect record I think the 13 years of ram Magellan the market went down nine times ten percent or more I had a perfect record I went down more than the market every time I went down went down more so I just didn't worry about it the point is would you say to yourself do I need this money in a year do I need this money in two years do I need this money in three years is that my longer term stock market's been the best place to be last 10 years last 30 years last 130 years but if you need the money in one or two years you shouldn't be buying stocks you should be in a money market fund well I think emerging markets and that's not my expertise but I mean these markets have been really hammered you know in their a lot of countries are doing a lot better you know I mean so I think there's potential there that's not my expertise but I think Emerging Markets could be a place to research I I never looked at the economy I want to find the only thing I look at what's happening right now you know what's going to happen a year for now what's going to happen interest rates I'd love to get next year's Wall Street Journal I pay an extra dollar for it that'd be very helpful I don't know what's happening future if I want to find right now well I think anybody that's investing in the stock market that's understand you buy a company these are not lottery tickets he's behind every stock there's a company if the company does well over time the stocks do well and vice versa you have to look at the company that's what you're researching that's what you do at Valley that's what I do you could be an Interventional cardiologist and you're putting in ABIA meds in Pella you say wow this really is incredible breakthrough preventing shock preventing you know hemodynamic support it's amazing it's it's a breakthrough it's great it works but you you're actually using it I mean or you're you're assisting you're in the operating room seeing this breakthrough that's you know you saw way ahead of most people that's an edge you need an edge on something well the dad and I was so good I remember when Nike we own Nike we had to wait for the mail to come to our library now when somebody reports earnings it's telecast all over the world they have an invested presentation they show a balance sheet so information is much better so theoretically the individual's Edge has improved in the last 20 30 years versus the professional the date is there it's free but I think a lot of people that promise they have so many Prejudice there's so many biases they won't look at a railroad they won't look an oil company they won't look at the steel company you know they're they're only going to look at companies growing 40 a year they won't look at turnaround so one thing you just don't have so many pressures and biases I bought companies with unions you have to really be agnostic a lot of people they're just not flexible I think flexibility is and that's why Fidelity had so many great fun managers we're they're very flexible what they look at other great investor Warren Buffett often referred to as the Oracle of Omaha is the chairman and CEO of Berkshire Hathaway he is a value investor who follows a more conservative and long-term approach to investing Buffett's philosophy centers around buying high quality companies at reasonable prices and holding on to them for the Long Haul Buffett is known for his emphasis on the intrinsic value of a company he seeks businesses with durable competitive advantages referred to as economic moats strong management teams and a history of consistent earnings growth Buffett's approach also involves a focus on businesses with predictable cash flows he has famously said our favorite holding period is forever highlighting his belief in the power of long-term investing unless you find the the prices of a great company really offensive if you feel you've identified it and by definition a great company is one that's going to remain great for 30 years it's going to be great a great company for three years you know it ain't a great company I mean it uh we could attempt to buy and sell some of the things that that we own that we think are fine businesses but they're too hard to find I mean we we found See's Candy in 1972 where we find here and there we get the opportunity to do something but they're too hard to find so to to sit there and hope that you buy them in the in the throes of some panic you know that you'd sort of take the attitude of a of a mortician you know waiting for a flu epidemic or something I mean it it I'm not sure that that uh I'm not sure that's a will be a great technique I mean it may be great if you inherit you know Paul Getty inherited the money at the bottom in 32.
I mean he didn't inherit exactly he talked his mother out of it but but and for example a good example might be Coca-Cola I think a number of people might have thought Coca-Cola was repurchasing shares at at a very high price because they'll look at Book value or p e ratios but there's a lot more to intrinsic value than Book value and and p e ratios and and any anytime anybody gives you some simplified formula for figuring it out forget it it you have to understand the business the people who understood that business well the management have understood and been very forthright about saying so over the years that by repurchasing their shares they are adding to the value uh per share for remaining shareholders and like I say people who didn't understand Coca-Cola or who thought mechanistic methods evaluation could should take precedence uh uh really misjudged the value to the Coca-Cola Company of those repurchases so we favor when you have a wonderful business we favor using funds that are generated at business to make the business even more wonderful and we favor repurchasing shares if those Shares are below intrinsic value and I would say that if it's a really wonderful business we probably come up with higher intrinsic values than most people do we we have great respect Charlie and I we've I think it's developed over the years we have enormous respect for the the power of a of a really outstanding business and we recognize how scarce they are and if a management wishes to further intensify our ownership by repurchasing shares uh we applaud we we own we just went over eight percent of the Coca-Cola Company probably in the last three or so months by a very tiny fraction but we had a second purchase one time but our percentage interest in the Coca-Cola company has gone up significantly uh through their repurchases and we are better off because they have bought those shares at what looked like to some people perhaps high prices and uh we thought they were wrong at the time and I think now it's been been indicated that or proven so I urge you if you're trying to decide on the wisdom of repurchases or of share issuances that you don't think in terms of Book value you don't think in terms of specific PES you don't think in terms of any little model but do you think in terms of what would you really a pick businesses you can understand and then think what you really would pay to be in those businesses and that's what counts over time is whether the repurchases are made at a at a discount from that figure and I would say with the companies that we own shares and we our interest in Geico went from 33 or so percent to 50 over a oh 15 years old period simply through repurchases and we benefited significantly so did every other shareholder I might add that that stayed with the company and we benefited in no way disproportionate to them but that was a very wise action on their part and there are two they were all usually buying that stock at least double Book value and you could compare it to other insurance stocks and say well that's too much to pay but Geico wasn't an insurance company it was comparable to other insurance companies it was a very different sort of business and and they they were very wise in my view to be to be following that course of action while both Lynch and Buffett believe in investing in good companies for the long run there are differences in their approaches Lynch's style is more growth oriented and involves actively seeking out opportunities among smaller and potentially faster growing companies Buffett's style is more value oriented focusing on established companies with strong fundamentals and a history of success in summary both Peter Lynch and Warren Buffett are successful investors who advocate for investing in good companies for the long term however they have different strategies and approaches that reflect their individual philosophies and strengths
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