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in today's video we are going to be listening to the legendary investor pete lynch who was famous through the 80s period his fund from 1977 to 1990 had annualized compounded return of 29.2 which is off the charts um these sort of returns and at that time his hedge fund magellan fund was the world's best performing hedge fund now this is part two in the p lynch series um this is an old video this was filmed in about 94 but there's some real gems of wisdom to be had from this video so now with that said let's jump on over and listen to what peter lynch has to say they're always something to worry about and the key organ in your body in the stock market is your stomach it's not the brain if you can add 8 and 8 get reasonably close to 16 that's the only level of math you need to know you don't know to need the area under the curve remember that quadratic equation and an integral calculus and the area under the curve i mean whoever cared what was under the damn curve i mean yeah but you had to study this you don't need this in the stock market so all you have to know is you're going to see it's always going to be scary there's going to be always something to worry about you just have to forget all about it cut it all out and own good companies our own turnarounds study them and you'll do well i spend zero time uh thinking about what's happening down here in washington and i spend a little time thinking what's going on in russia or china i just deal with facts when the economy economy's going down when economy is going the wrong way i can deal with that because a lot of times people buy on the basis the stock has gone down this much you know how much further gonna go down i remember when polaroid went from 130 to 100 people said here's this great company great record whatever gets below 100 you know just buy every share you know and it did get below 100 a lot of people bought on that basis saying look it's got 135 to 100.
it's not 95 what a buy within a year it was 18 and this coming with no debt i mean as it comes it was just so overpriced it went down uh i did the same thing in my uh i think my first or second year fidelity kaiser industries had gone from 26 a year to 16. i said how much lower can it go it's 16. so i think we bought one of the biggest blocks ever on the new year on the american stock exchange of kaiser industries at 14.
i said you know it's gone from 26 to 16. how much we're going to go well at 10 i called my mother and said mom you're going to uh look at this kaiser industries i mean how much lower can it go it's gone from 26 to 10. well it went to six it went to five it went to four and went to three and uh now i unfortunately have rapidly i would probably be still caddying or being working at the stop and shot but i it happened fast i was able to this was compressed and at three i figured out you know there's something very wrong here because kaiser industries owns 40 percent of kaiser steel they own 40 of kai's aluminum they own thirty two percent of kaiser cement they own kaiser broadcast and they own kaiser santa gravel kaiser engineers they own jeep they own business after business and they had no debt now i learned this very early this might be a breakthrough for so many people it's very hard to go bankrupt if you don't have any debt it's tricky some people approach that it's a it's a real achievement but they had no debt and the whole company at three was selling at about 75 million and that point it was equal to buying one boeing 747 i said there's something wrong with this company selling for 75 million i was a little premature at 16 but uh i said everything's fine and eventually this worked out and they what they did is they gave away all their shares to their shareholders they passed out shares and kind of meant they passed our chairs and cars aluminum they passed out their public shares and kaiser steel they sold all the other businesses and you get about fifty dollars a share and but if you didn't understand the company if you're just buying on the fact the stock had gone from 26 to 16 and then it got into 10 what would you do when went to nine what would you do when went to eight what would you do when went to seven this is the problem that people have is they sell stocks because they didn't know why they bought it then it went down and they don't know what to do now do you flip a coin do you walk around the block you know what do you do psychiatrists haven't worked so far i've never seen them running in the site the psychological psychiatry fund i've never seen this listed for the uh with the sec to make it through as a mutual fund so they haven't seen the help i've tried prayer that hasn't worked the uh the uh so if you don't understand the company of this problem when they go down uh eventually they always come back uh this one is uh this one doesn't work either people think uh rca just about get back to its 1929 high when general electric took it over uh a lot of double knits never came back remember those beauties uh floppy discs western union the list goes on and on uh people saying it'll come back well it doesn't have to come back uh here's another one you hear all the time it's three dollars how much can i lose i've had people call me up saying i'm thinking of buying a stock at three how much can i lose well again you may need a piece of paper for this but if you put uh if you and if you put twenty thousand dollars in stock at fifty or your neighbor put twenty thousand at full at fifty into the stock and you put twenty thousand dollars into three and it goes to zero you lose exactly the same amount of money everything and people say it's three how much can i lose well if you put a million dollars on it you can lose a million dollars just the fact that this is the only this may be a reason researchers thought the fact that stock is three down from 100 doesn't mean you should uh buy it and in fact short sellers people that really make money in stocks they don't show at walmart they don't share at home depot they're not sure the great companies johnson johnson they short stocks down from 80 to 70.
they'd like to short it at 16 or 22 but they they figured out at seven this company is going to go to zero they just haven't blown taps on this thing yet it's going to zero and they're selling short seven they're selling short at six at five at four at three at two at one and a quarter and you know sell something short you need a buyer somebody has to buy the damn thing and you wonder who's buying this thing it's these people saying it's three how much lower can it go now if you wanted to learn more from peter lynch i'll leave a link in the description to the full video and also he has wrote a fantastic book called one up on wall street which i highly recommend super easy book to read also available on audible as well and if you were wanting to start going out and venturing into the world of picking stocks i'll also leave a link in the description to a platform called simply wall street which is great especially if you're just starting out picking your own stocks and wanting to build your own portfolio simple wall sheet gives a great sort of overview or snapshot of any particular company that you may be looking at everything's broken down into great easy to understand graphs so you're not sort of digging through financial statements which is really handy especially if you're just starting out on your sort of investing journey now with that said until next time we'll catch in the next video cheers guys
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