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peter lynch is well known for his books one up on wall street learn to earn and beating the street most famously his book one up on wall street stands out and more specifically it's the idea that you should invest in what you know the logic is simple if you invest in what you know you'll have more confidence and understanding in why you bought the stocks that you did there are very good ways to start looking for stocks using what you know the first of which is to look for stocks while working at your job whether you're a construction worker a nurse a teacher a chemist a retail worker or so on there are plenty of ways to use what you know to see what's working and what isn't number two is to look for stocks during your hobbies or your leisure whether it's games shows sports vacations and so on and number three is to look for stocks on staples or services that you couldn't live without or ones that you feel like you couldn't live without things such as the rent or the mortgage food diapers internet phone medicine insurance and so on let's just take for example that you're a nurse what are some things that you would have more knowledge of as a nurse than a fund manager or a regular person who is not a nurse there is so much that you know about the hospital for example which medicines are people getting compared to other options what insurance is constantly being used let's say an elderly man strolls in and has a sore back after some discussions and evaluations the doctor prescribes some medicine and some physical therapy for his back pain the elderly man then leaves and uses his insurance to cover a large part of the bill however you're a nurse so it's not like you only see one elderly man with back pain in fact you see situations like this lots of times in almost every case you notice that the medicine and physical therapy is what's recommended and the insurance is what's being used to pay for it and you notice across all the cases that almost all the time it's the same physical therapy location the same medicine and the same insurance as a nurse you are aware of what types of medicine and what company makes that medicine there might be five choices of pain relief medicine but for the elderly crowd with back pain it's routinely the same choice being given to them so you decide to look into this further because after all it's the doctor's choice that keeps getting recommended what you find is that your hospital isn't the only one choosing this medicine over others and in fact basically every other hospital is using the same choice so now with your advanced knowledge of medicine choices due to being a nurse you decide to look into the company which is supplying this medicine and as it turns out this is a small biotech company that hasn't really made a name for itself yet on wall street analysts are really unsure if their product is going to be able to compete against the other companies but you as a nurse who knows that this stuff is everywhere and that is the preferred choice do not have that uncertainty looking further you see that the company doesn't have a lot of debt and that it's a low valuation because analysts are questioning if their products will sell this seems like a real opportunity and this is just one example of people using what they know to have an advantage over wall street it's up to the nurse after seeing that the product is very popular and that it's constantly getting reordered that they see the debt levels the current valuations and then make a determination of whether or not the company stock is a good choice it's in this way that our nurse is able to have an edge over the institutional investors sadly most people do not use their advanced knowledge to pick stocks they are under the impression that they don't know more than the people on wall street and their potential for picking out quality companies at a discounted price may never happen and that's what peter lynch and one up on wall street really wants to bring home to people it's that you do have an advantage over wall street and knowing your specific fields and information that they wouldn't know thank you all for watching subscribe and hit the like button if you enjoyed i'll see you all in the next episode
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