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so peter your investing philosophy is often summed up as by what you know and there's some truth to that and it's also often way oversimplified can you explain what you'd well name it if it comes on a vitamin interview from peter lynch we constantly it bothers me that people are very dangerous when they invest this word play the market that's a dangerous term if you do some work do some research know what you own look at the research look at the balance sheet if you if you get at eight and eight get fairly close to 16 you find out this company has lots of debt no cash they're in trouble you should know it so a little bit of research people carefully buy a refrigerator they can't really take a vacation and they they'll put five ten thousand dollars from stock to here on the bus or the party that's dangerous so when you say buy what you know you also thought that the regular investor might be able to get an inside advantage by sticking to an industry he's a familiar with or seeing something that she realizes is a great product imagine if you were in a mall the last 50 years you would've seen gap when it was hot you were saying limiting was hot we've seen what was not had you seen when they were starting people weren't excited about gaap anymore or then you do some research said well gee there's a lot of limited stores but we're only 20.
you know they go to 400. so you you see a company i did really well dunkin donuts a local company i do well with stop and shop but people can see that these are really people showing up or gets the sunglasses up no one's there anymore so that's research that's fundamentals so you don't leave the mall though and by that day you have to do some more work that's the important point yeah so today all significant doughnuts there's so much information everywhere information overload does that make it harder for active investors the indexers say everyone's got access to the same information at the same time you can't beat the market well the way you beat the index is you avoid the stocks to go down you avoid the steel companies and the oil companies and sears and penny and where the companies are deteriorating i mean companies are dynamic behind every stock there's a company these are not lottery tickets so you're trying to find the companies within the s p 500 that are doing better they're going from crappy to semi-crappy to good that might take a couple years or they're going to grow for a long time and you're trying to avoid the companies that are going south that's how you beat them or you find some companies outside the sp 100 that are great companies carmax was not in the sp recorder then went up 200-fold so a lot of times they enter oh here is this video interesting problem we feel friendly because smart enough to get a company that's going up they then they take their profits and then you made the case in a book that you should actually hang in there with the really great stocks and you even got a call from warren buffett as a result in 1989 at home the phone rings and that was one of my friends but one of my daughters and your six-year-old and he picked up and said she just there's a mr buffett online i said this could be a joke i pick it up and this warren buffett from omaha nebraska you know i read your book my airport's doing two weeks i use a line he said that all about seven seconds and i said that's great i'd love to do it what what's the line he said i love this it's been waiting to do this when you sell your great companies and add to the losers it's he said i want to put it in he said if you ever come to nebraska you don't call me you will be mud all over nebraska so did he call him oh yeah several times we played bridge together we've had several meetings great guy another point you've made and this is i think particularly relevant 10 years into a bull market is that i think you said more money has been lost anticipating a downturn then actually in the downturn can you explain well obviously the market's market's gone up tenfold since i stopped running magellan so you make more money the upside the market's been a lot higher 10 years from now 20 years from now 30 years from now trying to predict the market is really a waste i don't know what's going to do it can go down when i ran with john 13 years declined 10 or more nine times the market wow i had a perfect record i went down more than 10 every time whatever market went down i went down more but over the long term the upside is more than a downside so you're going to say so do i need the money in the next month do i need money next year do i have kids going to college they have a wedding coming up then you're a bad investor if you can keep putting money in your 5 10 15 20 25 year you should do well done video of the mayfox canal
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