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Peter of course is the vice chairman of fidelity management and research and Advisory Board member of fidelity funds from 1977 to 1990 he managed the Magellan fund growing it from you ready for this 20 million dollars to 14 billion dollars in 1990 at the time of his retirement buy what you know is what Peter taught us and it's so nice to see you this morning Peter good to be here so let's talk about buy what you know I'm so curious these days how you're thinking about the economy well I think people they're investing individual stocks that it's sad they're careful when they buy a refrigerator or an airplane flight they're careful with their money and they'll hear what a stock on the bus and they'll put five or ten thousand dollars on it they have no idea what they do so you really got to be careful look at the company look at the balance sheet what is the reason the stock should be higher the suckers going up is not a good reason is your sense though that the style of investing that you pioneered is still doable and winnable today well I think looking for something different literally something that's a good story I mean forward against TJX a local company would have gone up 50-fold or Stop and Shop would go up 10-fold or or Analog Devices or Nvidia I couldn't pronounce Nvidia so you have to find a company that's either a turnaround or a company that's going to grow like Panera or you know Family Dollar stores I'm not saying it buys now but that's what's made our you know Sears is rolled over so you know so the Kmart's rolled over IBM slowed down but we've had newcomers come along I mean that's the nature you have to be looking for new companies and look at the balance sheet if you can add five and five and get reasonably close to ten you should be able to look at a balance you say here's two depressed companies they've gone from 50 to three one comes get three or men in cash and no debt one's got three remain in debt no cash which one are you gonna buy I mean that not too hard to do Peter I watch watch you closely because I was in the business back then and I don't do you remember how many snls went from mutuals to stock trade that you made just Bookoo bucks on back then and I mean I don't know if you I don't know if you missed any of those and they were all big Winners they're all big Winners they were all big Winners back then I just what do you think of the financial sector right now and what happened we saw with First Republic and uh I just like to get your Insight there since you you were so good at that sector you know we hear a terrible financial crisis and 99-1 I think every almost every major Bank in Texas went under Bank of New England one of the oldest banks in the country went under it's like you know you know in 0809 the banks were doing these no doc loans and second mortgages and Home Improvement loans that people are buying boats with it now the bank's being much more careful so we've gone through other crises some banks will go under you know 400 went under after 0809 now we have stress tests I think the banking system has improved there'll be some companies going there that's the that's the nature of it you know it's nothing like imagine 19 80 81 with double digit inflation teleportation unemployment and people were the Japanese are going to take over the world I mean we were hopeless I mean you know there's always something to worry about I'd really been my over 50 years of doing this I think I'd be worried if there was you know somebody didn't bring up something to worry about that's well your nature of the business I I was joking because I'm a Reagan guy you know and I was there I started it at Merrell in 1981.
so I remember I remember what happened I remember my feelings in 1981 and I remember my feelings how I felt by 1985 and you had a Tailwind I had a Tailwind because of what we did we're not going to do that again we're not going to cut taxes we're not going to stimulate the private sector we're kind of headed the other way did you have a Tailwind will we ever have a Tailwind again with this generation well we've had 13 recessions since World War II and we've had 13 recoveries maybe we're going to have one if this is a recession it's probably the most predicted one ever you know I never know when we're going to go I'd love to know the future I think I'd give it would help I'd be a better investor I'd pay five extra dollars for next year's Wall Street Journal it would really help I cannot predict the future but this one this recession is so expected so predicted maybe it's coming I don't know thank you
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