저자: PeterLynch · 외국인
요약 보기
개인은 자신의 업종·일상에서 얻는 우위(natural advantage)를 활용해 이해 가능한 기업에 투자해야 한다. 이해 못 하는 기업은 사지 말고, 주가는 장기적으로 기업 이익을 따라간다. 1980년대 투자클럽은 62%가 시장을 이겼고 전문가는 25%만 이겼다는 점을 근거로 든다. 잦은 매매는 수수료만 낳으며, 자신이 무엇을 하는지 알아야 주식 투자가 가능하다고 강조한다.
다듬은 글
it's absolutely absurd people don't understand their natural advantages and they don't use them so that's that's bad number one but worse number two is they don't if you don't think you're a good ice skater or if you're convinced you're not a good chist you're not go out and try it but people are buying stocks anyway they're not discouraged they just think it's a gamble so therefore they go forward and they they bet on one stock for a week and a half and it goes up and they they make $2 on it then they sell it and they buy something else when three years is over all they've done is generate a lot of commissions they' probably lost money that's a mistake so your advice is what if you don't understand a company if you can't explain it to a 10-year-old in 2 minutes or less yes don't own it because when it goes down let's say the stock goes down two point you won't understand what's going on what do you do do you buy more do you do you you flip a CO and chances are your broker doesn't either they he he or she certainly doesn't know about it I mean who knows what Advan what all these things are with auto back planes and mega flops who knows what all is so buy what you know Buy in your industry buy what you know Buy Local comp so suppose you you don't have an industry I mean you know you don't really well you buy local companies companies your own industry 10 years after walart went public 10 years after 10 years after it went public it's a 25-year-old company now you could have bought the stock and made 50 times your money on it 50 times this if you bought it 10 years after after it was public already it already gone up fivefold so you could have made 250 fold but I'm saying let's say you were in a town they came into it and they said boy these prices are great they're doing terrific I like the bargains you checked it out you spent a little bit of work on it I mean people are very careful they when they buy a dishwasher they do some research they'll put $10,000 in some stock they hear on a bus so if you did a little bit of research You' say Walmart's only 10% of the country they're not even saturated there why can't they go to the rest of the country so is this this is more of the same is that what it is it's more of the same plus I show examples it's it's a a touch more detailed it's actually shows me in action I picked 21 stocks early in 1992 some work some don't I follow those companies some of the companies the fundamentals deteriorate some they improve I watch those companies go through the year I also explain the retailing industry I try and make it very simp and I talk about a wonderful example is a seventh grade class the teacher of that read my book and my first book that you were talking about she read the book and I said if you made it through fifth grade math you can do it in the stock market she says okay she started teaching it in seventh grade seventh grade class these kids had to study companies they had to look at the balance sheets to see if they were solving they picked stocks these stocks were up 69% over two years when the market was up only 20 they picked stocks like limited they picked the Gap they picked wal they understood these companies they also picked IBM I lost money in that too I mean everybody makes Mist everybody did yeah but I'm saying this is this was this was a school St agon School in arlton Mass but in addition in the decade of the 80s there was 8,000 investment clubs these are amateur sort of right average people just investing these investment clubs 62% of them of these clubs beat the market in the decade of the 80s only 25% of professionals beat the market let me go back to one other subject you after you're coming back to fedelity aren't you aren't you going to do something when I when I finish this book I've been working about one or two days a week the last year and a half on this book right now I'm done with the book I'm going to go back to maybe one day a week working with younger analysts just listening to them talking to them I'm not telling them to buy zero sell lifestyle not totally I'm not going to run another fund 13 years was plenty of running a fund I'm just going to work with younger analysts let them ask questions I'll ask them questions it's going to be a lot of fun and do you still follow do you manage any money for anybody other than yourself no are you happy you did this I'm delighted it's and you like your new life oh it's fabulous you absolutely have to invest more in education you have to invest more in companies you have to invest Less in just spending money I mean today people are encouraged to spend you spend money let's say you put an addition on your house you spend money on that that you can get a tax deduction because because the interest on it is tax deduction if you invest if you take your money and put it in the bank you're taxed at a very high rate you wrote a book called one up on Wall Street and I think that's one of the best selling books ever about Wall Street if I'm not correct you can correct me and said so why then did you write another book okay okay I think the reason I wrote it is the I try to explain to people their great advantages their edges they have and that they should get involved in stocks and they should do it on the right basis was on the first book right and obviously I didn't make a great impression because the percent of people's assets involved in stocks has gone down in 1960 people had 40% of their financial assets including their house in stocks and mutual funds and 80 that was down to 25% it's now down to 177% and why do you think that is decade of the 80s was the best decade this Century for stocks I think people managed to lose money in the 80s doing it themselves because their methods were so flawed so I I really feel as though I wanted people to understand I don't want anybody to buy a stock I'm saying if you're going to buy a stock you should do certain things right if you're not willing to do these things you should leave your money in the bank your your philosophy is is simple and I'm remembering this from the previous book I think we're now talking about the previous book correct your philosophy was if you find something that you identify with I remember that was a story of your wife and her hose your wife kep saying legs and pant your wife said these are the greatest things I've ever seen and when your wife said that you knew that this was a product that was better you used to stay at La quenta motel and the service was better whatever was and the price was good too and you said this is a place that I can determine I pet Lynch can tell that this is a good product right if these people making a good product then their earnings are going to go up therefore the stocks going to go up and that's the kind of decision-making process you ought to go through right do I have it you've got it exactly right well I I don't think people understand there's 100% correlation with what happens to a company's earnings over several years and what happens to the stock McDonald's has done very well as a company right the stock has done very well people worry about too much money supply what's happened to the price of oil whe who's the president who's being nominated for the Supreme Court the ozone layer has nothing to do McDonald's earnings go up the next 10 years the stock will go up I'm saying people have natural advantages let's say what you do for a living is you're involved in the restaurant industry right you supply paper products you supply kitchen equipment you help build restaurants you saw McDonald's you saw Chi-Chi you saw chilies you saw cracker barell you saw Dunkin' Donuts Kentucky Fried Chicken Taco Bell these are allc stories these were 40 40 fold you made 40 to 50 times your money you don't need to make that kind of money many times your life right no that's all you had to do was follow the restaurant industry people are in Industries they're in the publishing industry they're in the chemical industry the paper why don't they just stay with industry you only need a few stocks a decade how many good stocks you need a lifetime instead people that in the restaurant industry they're buying biotechnology stocks the people in the chemical IND nothing the people in the chemical industry are buying oil stocks it's absolutely absurd
Comments 0