저자: PeterLynch · 외국인
요약 보기
Peter Lynch 인터뷰를 인용해 시장을 이기는 방법을 정리. 13년간 연평균 29% 수익을 언급하며, 투자 대상을 정확히 이해해야 하락장을 버틸 수 있다고 강조. 경제학자 예측은 신뢰하기 어렵고, 6~5할 적중률로도 성공 가능하며, 저평가 기업을 많이 찾을수록 유리. 펀드 하락 시 압박이 컸고, 사업 논리(moat)가 훼손되면 손절해야 한다는 점을 강조.
다듬은 글
a person who's going to beat the market and do way above average than the normal person. He explains it. He tells you how. Peter Lynch, one of the greatest investors of all time, just came out with a new interview with Fidelity talking about the market, how to beat the market, how to actually stay on top.
Remember, Peter Lynch averaged 29% for 13 years with the Mellan Fund. So, you should definitely take his advice when it comes to the stock market. We're trying to find the keys to beating the market. And this interview is so important. It gets you back to the fundamentals of investing. So, I'm going to go over his main points that I took from the interview that are super key to beating the market.
So, Peter Lynch starts off by saying that one out of a 100red Americans were in his fund when it was at the peak. That is insane. That's how many people were believing in the Mellan fund during that time. And the market went down 10 times during his 13 years in the fund. every time the market went down, his fund went down way more than the market.
So he said that he was feeling a lot of pressure or had a lot of pressure on his shoulders every time the market went down because a lot of people were in his fund. The second thing is that you have to know what you own and you have to know it well. If you can't explain the company that you own in like one or two sentences, guys, you should not be owning it cuz what happens when the stock goes down 10 to eight, you're going to get rattled.
You're not going to know what to do with the stock. Should I sell it? Should I hold it? Should I buy more? So, it's key to understand the thesis of your company so you're not shaken out of your stocks because he talks about a story of some girl or some woman that called him and wanted to know about these five stocks.
And he asked the woman, "Do you know these five stocks?" And basically, she didn't know the five stocks that she owned. So, that's why she was not able to sleep at night. She didn't know what she owned. So, you have to know what you own so you're able to hold during market downturns because the downturns are going to happen.
You can't avoid it. That is the stock market game. Never use the term play the market. Your objective is to actually buy good businesses. And remember, stocks are a part ownership of a company. You don't think of stocks as like tickets that you just trade around here and there and they just go up and down.
You actually own part of the business when you own the stock. You got to think of it in those terms. Average stock moves up 100%. It can go from 11 down to 5, back to 15, and then go back to 11. Guys, these swings are huge. You have to get used to them. And this is why it's so important to know what you own because if you don't know what you own, you're just going to get rattled out of these companies.
And think about it, you're not going to always predict the bottom of a company. Every time you buy a stock, that is you're not going to bottom tick the stock. So, it's usually going to go down 10 15%. Unless you bottom tick it. And how many people are bottom ticking a stock when they buy it? Not a lot of people.
So you have to expect the stock to go down when you buy it 10 15%. And if it goes down 10 15% and you still like the stock, maybe you buy more or maybe you just hold it. But the key is always know what you own. The stock that you just bought. I know you want to just go up in a straight line. It's not going to happen.
It's going to go all over the place. It might happen, but it's highly unlikely. So, get to know your stocks. Peter Lynch in this interview also talks about how economists don't know anything. Remember back in 2024 how they're saying the market is going to have a downturn. Even in 2025, the economists were saying, "Oh, it's going to be a bad year.
The stock is going to go down. The market sucks. It's not going to do as well as 2024." And look where we are today. The market is going up crazy. We're at all-time highs. So, you can't listen to what they say. They don't know what they're talking about. It's all fake predictions. The next thing that he talks about is that if you're right six out of 10 times or even five out of 10 times, you're going to do amazing in the stock market, especially if you own companies like Costco early on or Nvidia early on.
Stocks that have that staying power that are good businesses that are going to last over time, they are going to make up for the losses of the stocks that you kind of don't go anywhere or they go down 10 15% or maybe you even lose 50% on a stock. But all the big winners that you hit out the park will make up for everything.
So you only have to be right six out of 10 times, five out of 10 times to do really good in the stock market. So that's good to hear from Peter Lynch. Peter Lynch tells you how to beat the average person or how to beat the market. You have to turn over the most rocks. So, you have to look at the most companies, the person that's looking at a 100 companies, 200 companies, you're going to be the one that's going to beat the market or find these good gems in order to beat the market.
He says that if you look at 10 companies, you're going to find one good. If you look at 20 companies, you're going to find two good. So, the person who's flipping over the most rocks, finding the most companies are going to be able to beat the market. And you have to remember, you're doing this to find undervalued companies.
Usually, when you're looking at companies, it's not undervalued. It's probably trading around fair value or overvalued. Finding undervalued companies below their intrinsic value is going to take time. You might need some hustle, but guys, that is the key to beat the market. You're finding all of these undervalued gems that are projecting to do very good into the future.
When you're positive that the company's going to generate money going out two to three years, just hold down. It might have a bad quarter here or there, but just hold for those two to three years and see and then maybe re-evaluate your thesis if the company is still projecting to go up. And he goes into a great story about Warren Buffett talking to him on the phone after he found out what he said.
Well, getting rid of your winners and holding your losers is like watering the weeds and cutting the flowers. And he admires Warren Buffett cuz his ability to get rid of IBM stock. He had a huge position in IBM. He loves the stock when it goes down and he's willing to buy more. He thought IBM was great, but he totally reversed it and got the hell out of IBM.
But Peter Lynch loves that about Warren Buffett that you're able to change your mind when the stock thesis is not going where it's supposed to go. So, if you see the company that you own not doing what it's supposed to do, not that it has a bad quarter, because every company is not going to go straight up.
Every company's going to have a bad quarter. But if the thesis story, the moat is changing, the competitive advantage is changing, get the hell out and don't look back. So guys, this is the advice of Peter Lynch. What do you think about this video? Like it and subscribe.
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