Peter Lynch EXPOSES the surpass of 99% of INVESTORS using this BASIC STRATEGY

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개인투자자는 자신이 잘 아는 업종·기업에 투자해야 하며, 기업 이익이 장기 주가를 결정한다. 금리·거시경제는 예측 불가하므로 무시하고 사업 이해에 집중하라. 1980년대 투자클럽이 전문가보다 시장을 더 이겼다는 점을 강조한다. 자신은 은퇴 후 가족과 자선활동에 시간을 쓰고 있다.

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01. 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 we begin with Peter Lynch Time Magazine has called him America's number one money manager during the 13 years he headed the Fidelity mellan Fund it was a top rank General Equity mutual fund his new book beating the street offers advice on picking stocks and maximizing profits and he's here to talk to us about a lot of things be to Welcome to the broadcast 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 you can correct me and said so why then did you write another book okay okay I think the reason I wrote it is was the fir I try to explain to people their great advantages their edges they have and that they should get involved in stocks right and they should do it on the right basis this was on the first book right yeah and obviously I didn't make a great impression because the 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 in 80 that was down to 25% it's now down to 17% and why do you think that is well I think people in the 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 to buy a stock I'm saying if you're going to buy a stock you should do certain things 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 there was a story of your wife in her hose your wife kep oh you got legs and pained 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 at La quenta Motel the service was better whatever was better and the price was good too and you said this is a place that I can determine I Peter Lynch can tell that this is a good product right if these people make a good product then their earnings are going to go up therefore the stocks going to go up and at 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 do 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 if the company 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 the price of oil whe who's the president who's being nominated for the Supreme Court the ozone layer there's nothing to do McDonald's earnings go up the next 10 years the stock will go yeah but what they will say to you Peter is that as you know and why am I telling you this but it's fun to tell you this they're telling you that these other things influence the amount of earnings of a particular company if we're in a recession people are not going to spend as much money on going to the movies or whatever they right right and and therefore you got to pay attention to these other things CU they impact on Earth they are very important but you have no idea of knowing what they're going to do Alan Greenspan's the head of the Federal Reserve right he cannot predict interest rates he'd be the first he can influence them but he can't predict them he cannot predict what long-term interest rates are going to be one year from now two years from now 3 years he's even surprised how low they are now right so how am I supposed to predict interest rates how am I supposed to predict the economy you certainly remember the recession of 82 yes 1982 we had a 20% prime rate 14% unemployment 12% inflation I don't remember anybody telling me in 1980 or 81 that was going to happen all a sudden we had the worst recession since the depression I didn't read about in the paper so it's crazy to think about these things here's a quote from you I own duckin Donuts when you own duckin Donuts you don't have to worry about Korean imports you don't have to worry about M2 or M3 these are money supply figures aren't they and and what's happening to the money supply this is the way you make money if you don't understand what the company does you should not be in it if you could predict the stock market you could predict the economy you could predict interest rates if you go buy the wrong stocks you're going to lose half your money anyway right I I 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 you supply kitchen equipment you help build restaurants you saw McDonald's you saw chees you saw chilies you saw Cracker Barrel you saw Dunkin Donuts Kentucky Fried Chicken Taco Bell these stories these were 40 40 fold you made 40 or 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 within industry you only need a few stocks a decade how many good stocks you need a lifetime instead of people that're in the restaurant industry they're buying biotechnology stocks the people in the C industry the people the chemical industry are buying oil stocks 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 3 years is over all they've done is generate a lot of commissions they've 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 to you won't understand what's going on do what do you do do you buy more do you do you do you flip a are your broker doesn't either you they he he or she certainly doesn't know about it I mean who knows what advanc what all these things are with auto back planes and mega flops who knows what all this 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 WT went public years 10 years after it went public it's a 25-year old company now right 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 five-fold 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 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 it's more the same plus I show examples it's it's a a touch more detailed this actually shows me an action I picked 21 stocks early in 1992 some work some don't I follow those companies some of the companies the fundamentals that cheer rate some they improve I watch those companies go through the year I also explain the retail industry I try and make it very S 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 you you and I did a show on that in Washington you remember the show this is a long time ago 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're solve them they pick stocks these stocks were up 69% over 2 years when the market was up only 20 they picked stocks like limited they picked the Gap they picked Walt they understood these companies they also picked IBM I lost money on that too I mean everybody makes M did yeah but I'm saying this is this was this was a school St agon School in Arlington 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 one other subject you after you're coming back to Fidelity aren't you just 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 the younger analysts just listening to them talking to them I'm not telling them to buy zero to sell Zer 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 do you still follow do you manage any money for anybody other than no no manage I manage money with other people for some Charities right but no I don't manage anybody's accounts you're not doing some mutual fund nothing I'm out cold turkey all cold turkey cold turkey now are you happy you did this I'm obvious delighted it's been and you like your new life oh it's fabulous four or five years ago you just said I'm managing all this money I'm going to do I'm going to quit I'm yep that's right and what and you went to do what well actually I want to spend more time with my wife and my children right and it it was interesting situation because I love my job I adored my job and I and I liked outside activities and when I when I was young you know I didn't wasn't involved in charity work until I was 30 no activities younger children you just read them a book and good night Moon and they fall asleep and it's all over when they get older there there's more time involved so I enjoyed the family I was I was leaving for work at 6:00 in the morning I was getting home at 7:00 at night 6 days a week was in Boston yeah traveling 14 days a month it was just too much so I said you know I I said that's it I take it and fortunately had made enough money to say I could give up the job so I didn't have to give up with the family or the outside activities and so what happened then so you did what with your life well I cut back from about a 808 90 hour week to a 40 or 50 hour week and I in the morning I make breakfasts and lunches for the kids and I do the spelling words and the Spanish words and Carolyn does the math and the science and I uh see caroly in the morning and off I go to a place you have to go some my opinion you have to go somewhere to do something if you stay at home you wind up answering the telephone or watching cartoons so I are falling asleep taking a nap she does the hard work and I go I go finel gave me an office I have a secretary and I spend majority of the time working on charity things like inner city schools Inner City libraries inner city housing you know way people manage their money or no not at all just just I'm some of the charries I'm on the investment Committee of some of the Museum of Fine Arts you know I'm involved in massal Hospital Boston College but United Way but all the extra things I added to were real Hands-On actually being involved in charitable activities