저자: 미상 · 외국인
요약 보기
Peter Lynch의 'One Up on Wall Street'를 소개하며 8가지 교훈을 설명한다. 일반인도 일상 관찰로 이점을 가질 수 있고, 2분 설명 가능한 투자만 하며, 실적이 가격을 따라간다는 원칙을 강조한다. 장기 복리와 배당 재투자, 시장 타이밍 포기, 비상자금과 부채 우선 정리도 다룬다. 사례로 Anne Shaber(An Shaber)의 2,200만 달러 이야기를 들지만 과장 가능성도 언급한다. 특정 종목에 대한 가격 예측은 없다.
다듬은 글
For more than 20 years, a woman worked reviewing other people's accounts at the United States tax office , the equivalent of our SAT. She was good at her job, very good. And yet she was never promoted, she never earned more than about $1,000 a year. She wrote it herself later in a letter. She felt that she had been held back because she was a woman and because she was Jewish.
She retired in the 1940s, when she was about 50 years old, without a husband and without children. She lived alone in a small apartment in New York with the paint peeling off the walls. He always wore the same black coat and the same hat. Anyone who saw her pass by would have thought, poor lady. His name was An Shaber.
He died in 1995 at the age of 101, and when they opened his will, nobody could believe it. That lady in the black coat left behind 22 million dollars. She made them by investing in the stock market on her own, without being an expert, without working on Wall Street, and by reading the financial newspaper in the library so she wouldn't have to buy it.
Those who ignored her kept their promotions. She kept 22 million and her story is the best proof of what the book I'm going to explain to you today says . One step ahead of Peter Lynch's Wall Street . A book that says something experts don't like to hear: that an ordinary person like you or me can have advantages that Wall Street doesn't have.
At the end I'll tell you who An left her money to, and I assure you, you won't believe it. But first, let me tell you something in all honesty. I'm also going to tell you which part of his story has been exaggerated. This is an independent summary and commentary for educational purposes. It is not financial advice.
Peter Lynch is not just any man. For 13 years, from 1977 to 1990, he managed one of the most famous investment funds in the United States and made it grow on average around 29% per year, one of the best results in history. And after all that, he wrote a book to tell ordinary people, you can have advantages that I don't have.
Today I'll explain it to you in eight lessons using Anne's story as an example. And I'm warning you, the sixth lesson is a mistake that almost all of us make without realizing it, and it leaves us poorer. Lesson one. You have an advantage that Wall Street doesn't have. Peter Lynch recounts in his book that one of his best ideas didn't come from an office with screens, it came from his wife.
She told him that she loved some new tights that were being sold at the supermarket and that all her friends were buying them. Lynch investigated the company that manufactured them, saw that the business was good, and bought it. It was one of his most successful investments. His point is this. You see things every day that experts see late.
You can see which store is always full and which one is empty. You see what product everyone in your neighborhood is buying. If you work in a factory, a hospital, or a store, you know which companies are selling a lot and which are declining long before the news comes out. Lynch calls that the amateur advantage.
Ann Shaber didn't work on Wall Street, but over the years she came to own shares in more than 100 companies, many of them with products that everyone knew: soft drinks, medicines, movies, companies that were seen in everyday life, not just on a screen. The question for this lesson is, what companies do I see growing in my daily life before the news reports it?
And the concrete action: this week, write down in a notebook three products or stores that you always see full. It's not for buying tomorrow, it's for training your eye. And that was the first lesson. The second is what prevents that advantage from becoming a trap, because seeing a product you like is not enough.
Lesson two. If you can't explain it in 2 minutes, don't buy it. Lynch says that before buying a stock you should be able to explain in 2 minutes and in simple words, why you are buying it? Something like this company sells something that people need. Each year he earns more, he doesn't owe much, and he can still open many more stores.
If you can't say it, you're not investing, you're guessing. An didn't buy based on hunches. According to people who knew her, she studied companies' profit reports , how they were managed, and the quality of their products. She was an auditor; reviewing numbers was her thing, and she did it without spending money.
I was going to the library to read the financial newspaper. Think about the friend who tells you, "Get into this stock, I heard it's going to go up a lot." You ask him, "And what does that company sell?" and he doesn't know. That's not investing, that's a gamble. The question for this lesson is, can I explain in 2 minutes why I have this investment?
And before putting a single penny into any investment, be it a stock, a fund or a business, write someone you trust your explanation in five lines. If you can't fill in all five lines, you 're not ready yet. And that was the second lesson. The third one goes against what we all feel when something is fashionable.
Lesson three, beware of the action everyone is talking about. Lynch has a rule that I love. The most popular stock in the most popular industry is often one of the worst buys. Because? Because by the time everyone is talking about it, the price has already gone up a lot. You arrived late to the party and it's your turn to pay the bill.
In contrast, Lynch liked boring companies, those that do something simple, with a name that doesn't attract attention, that nobody recommends in meetings, precisely because nobody looks at them; sometimes they are cheap. Now think about this. Today, the latest trends reach you via WhatsApp, a video on social media, or your nephew who says he's already won a lot.
And the excitement is huge because nobody wants to be left out. But that emotion, that very one, is the sign that you should be more careful. The question in this lesson is, do I want this because I studied it? Or is it because everyone is talking about him? And the action. When you feel you have to take the plunge , wait 7 days before deciding.
If the idea is good, it will still be good in a week. And that was the third lesson. The fourth one is the simplest in the whole book, and yet almost no one understands it. Lesson four. In the long run, price follows profits. Imagine a small corner store. This year he earns 100,000 pesos. The next 120,000, the following 150,000.
If someone wanted to buy it from you, would you sell it for the same price as 3 years ago? Of course not. It's worth more because it earns more. The same thing happens with stocks, Lynch says. From one day to the next, the price goes up and down due to fear, rumors, or news. But over many years the price tends to follow the company's profits.
If the company earns more and more, sooner or later its stock tends to be worth more. If she earns less and less, no amount of good news will save her. That's why Ann read the earnings reports and not the predictions on television. He cared if the little shop earned more. He did n't care what they were shouting outside.
The question for this lesson is, does this company earn more today than it did 5 years ago? And the action. If you own a stock or fund, look at how its earnings or performance have changed over the past 5 years, not just its price this week. And that was the fourth lesson. The fifth one is the one that truly explains how a retired auditor came to have 22 million and there's nothing magical about it.
Lesson five. Big profits take years. Lynch talks about special shares, those that multiply their value 10 times or more. But it clarifies something that almost no one says. That almost never happens in weeks, it happens in years. Sometimes it takes many years, and only those who stay experience it .
Anne Schiber invested for about 50 years. According to his stockbroker, he was never looking to make a quick buck. His formula, summarized in a few words, was: "Reinvest your dividends, hold on, and sell little." What are dividends? It is the portion of profits that some companies distribute to their owners, those who hold shares.
An would spend that money, use it to buy more shares, and those new shares would give him more dividends which he would reinvest. A snowball that grew for half a century. Here's what matters most to someone over 40. An started to get seriously involved in the stock market after retiring, when she was already around 50 years old.
Not at 20, at 50. And he lived long enough to see his snowball grow. Not all of us will have that much time, it's true, but 50 years is not the end of the road, it can be the beginning. The question in this lesson is, am I willing to wait years? Or I want to see results tomorrow. And the action. If you have investments that pay dividends or returns, check if they are being automatically reinvested or if they are just sitting in the account.
Many funds and platforms allow you to choose the reinvestment option. And that was the fifth lesson. Now comes the sixth one, the one I promised you at the beginning. The mistake that almost all of us make without realizing it . Lesson six. Don't pick the flowers to water the weeds. Lynch uses this image of the garden to explain something that a lot of people do.
You have two investments, one that goes up and one that goes down. Which one do you sell? Most people sell the stock that is going up to secure a profit and keep the stock that is going down to wait for it to recover. In other words, you pull up the flowers and water the weeds. If the rising company continues to earn more each year, selling it soon could cost you a lifetime's worth of earnings.
And if the price is falling because business is bad, clinging to it will only make you lose more. Lynch says the question isn't how much the price has gone up or down, but whether the company's story is still good. An did the exact opposite of most people. It sold very little and let good companies grow for decades.
Its flowers grew into a garden of 22 million. The question for this lesson is, why did the company get worse? or just because the price changed and the stock. Before selling any investment, repeat your 2-minute explanation. If the reason you bought is still true, think twice before selling. And that was the sixth lesson.
The seventh one will take a weight off your shoulders because it will free you from an impossible task. Lesson learned if you stop trying to guess the economy. Lynch says it very clearly. Nobody can consistently predict interest rates, the economy, or the next stock market crash. And it adds a thought-provoking idea.
Many people have lost more money preparing for market crashes, selling and waiting on the sidelines, than in the crashes themselves. Think of the neighbor who has been saying for years, "Not right now, a crisis is coming." And while they wait for the crisis, time passes and their money doesn't grow.
When the crash finally comes, the stock market has already risen so much that even after falling it is higher than where he started to expect. An lived through wars, crises, huge stock market crashes and changes of government. He did n't need to guess any of them, he just needed to have good companies and patience.
The question in this lesson is, am I waiting for the perfect moment that never comes? And the action. Instead of waiting for the perfect moment, invest a fixed amount each month, for example, 500 pesos every two weeks. This way you can shop at all times, good and bad, without guessing. And that was the seventh lesson.
The eighth one, the last one, is the most important for you if you are over 40, because it tells you what you have to do before buying a single stock. Lesson eight. Before the stock market, your home comes first. Lynch is very clear. Before you think about taking action, consider whether you are truly ready.
You have a place to live, you have a financial cushion for emergencies, are you going to need that money in the coming years? If the answer is yes, you're going to need it, that money shouldn't go into the stock market, because the market could fall just when you need it and force you to sell at the worst possible time.
And he also says something that many don't expect from an expert. If you don't have the time or the desire to study business, that's okay. You can invest through funds instead of choosing stocks yourself. Choosing stocks requires work like the kind Aan did with his reports. If you're not going to do it, don't pretend you're doing it .
For someone over 50, this is even more important. The closer you get to retirement, the less money you should have in investments that go up and down a lot, because you have less time to wait for them to recover. The question in this lesson is, if the stock market fell by half tomorrow, would my salary still be the same?
and the action. Before investing in the stock market, put together at least 3 months' worth of expenses on something safe, like settling down, and add up your expensive debts. First the mattress and the debts, then the stock market. And that was the eighth lesson. Before I close, let me fulfill what I promised you at the beginning and tell you honestly what this book doesn't tell you.
First, Peter Lynch was a full-time professional with a huge team of analysts. Picking stocks on your own is much harder than it sounds, and most amateurs who try it end up earning less than the market. The amateur advantage exists, but knowing a product is not enough. Second, Ann's story is real, but it has been exaggerated.
The most famous version says he started with just $0. However, the lawyer handling his estate said the story has been exaggerated, and a tax return from the 1930s suggests he already had considerably more invested. It's still an impressive story, but it 's not magic. And third, Ann lived very alone and very austerely.
Making millions is not the same as living well. Try these lessons yourself. Stick with the ones that work for you and don't give your decision away to anyone. And a warning for your safety. Today, WhatsApp and Telegram groups are circulating that promise the stock that's about to explode or offer to copy the investments of an expert.
Three signs of fraud: they guarantee you profits, pressure you to decide today, or tell you that you earn more if you invite other people. If you see any of the three, walk away. And before handing over a single peso, check with CONDUF and CNPM that the company is authorized. So, who did An leave her 22 million to?
No, to the office where he worked. Of course not. He left them to a New York university with which he had never had any relationship. He never studied there, he never visited it. And she set only one condition: that the money be used for scholarships and loans for women who did not have the resources to study medicine and other careers.
Think about it for a moment. The woman who was never promoted because she was a woman made sure that other women after her would have the opportunities that were denied to her. It was one of the largest donations that university had ever received . Those who ignored her kept their promotions. She opened the door to women he had never met.
Let's quickly review the eight lessons so you can take them with you. One. You have an advantage that Wall Street doesn't have. Look at what you believe in your daily life. Two. If you ca n't explain it in 2 minutes, don't buy it. Three, be careful with the action everyone is talking about. Fourth, in the long run, price follows profits.
Five, big profits take years. Reinvest and persevere. Six, don't pick the flowers to water the weeds. Seven, stop trying to guess the economy. and eight. Before the stock market, prioritize your home, your mattress, and your debts. And if you're thinking, "It's too late, I'm already in my fifties." Remember how An started taking the stock market seriously, right after she retired.
The important thing is not when you start, but that you start calmly and with a cool head. Today you can take three small steps. First, write down three products or stores that you always see full in your daily life. Second, check if you have at least 3 months of expenses saved in something safe. If not, start with 500 pesos this fortnight.
And three, if you already have an investment, write in five lines why you have it. If you can't, it's time to review it. If this video helped you, give it a like and subscribe, because every week I bring you a true story and the book that explains it. If you want to read the full book, I'll leave the link in the description.
Remember that this content is for educational purposes only and is not financial advice. Before investing, consult with a professional, and now tell me in the comments what product or store you always see full in your neighborhood. I'm reading you.
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