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welcome to Peter Lynch's greatest lessons where I'm highlighting my favorite parts of all the books that he's written this lesson is on the six categories of stocks as always liking subscribing and hitting the bell if you haven't done so already is greatly appreciated and if you're interested consider joining with the market moves investing book summaries link in description down below so what are you saying with the six categories is what's the difference between stocks what are the advantages or disadvantages of these categories what our peers opinions on these categories and also how do you find success with investing in them let's watch a short segment on my longer series to explain this lesson now we'll get into the six categories of stocks and the first of which is the slow growers things like electric companies the slow growers are usually large most of the earnings are given to shareholders so they have some sort of stream of cash flow that goes into the company and from that company it is given to you and with slow growers there's often not much room for growth oftentimes the market is saturated and there's only a little bit left to grow into as the years go on when there's more and more people so finding success with the slow growers their evaluations lie with their dividends why else would you invest you're otherwise you can get more growth elsewhere number one how safe is the dividend number two what rate can they increase the dividend and number three would they ever need to cut the dividend so as far as Peters opinion goes on the slow growers he's not a fan of buying any slow growers at all it doesn't fit his investment strategy but if you want to that's a different story maybe you want to build a stable dividend portfolio because you are not the same as Peter Lynch that does not mean that you should not be buying any slow growers that is just his opinion the second of Peter Lynch's categories is the stalwarts companies like Johnson & Johnson otherwise called the blue-chip companies typically these companies are also slow they're not always it depends on what products and services they're bringing out that appeals to some sort of market they're moving into so they might be a snail but this time they're on a skateboard so just like before the stalwarts are also large with stalwarts they usually pay dividends but continually gain capital appreciation as well so we have the cash flow from before plus the capital appreciation to look forward to as far as finding success with the stalwarts Peter says that it's picking great stalwarts comes down to buying at the right time when at a discount such as is their temporary bad news pushing the price down that won't be actualized in the earnings in the future is it uncharacteristically trading at a lower p/e relative to past performance is that justified or an overreaction to something Peter's opinion is that he only says he keeps a small percentage of these in his own portfolio good to hold in hard times especially the basic necessity stocks usually gives decent returns but don't expect anything crazy they're not bad but they're just not great number three is the fast growers such as the newer companies the ones capable of enormous growth they usually don't pay dividends their money is better used to develop the company keep the earnings it's providing more value to shareholders to do it this way because if they're making more earnings per share and that will be reflected in the stock price giving you the capital appreciation that you're looking for they do not always go in the fast industries Peter actually prefers if they don't perhaps a new food place competing with McDonald's that is succeeding hey slow down we don't do that here and that's exactly why I'll succeed as far as finding success with the fast growers number one is to use your qualitative edge number two is being aware of the risks which can include poor management being under financed and the ability to be crushed by larger companies to just name a few of the very obvious risks and the third point is to look for solid balance sheets and healthy margins compared to others in the same industry as far as Peters opinion on the fast growers he calls it the land of the ten to forty baggers good stocks for the long term as long as you're not paying ridiculous p/e ratios relative to growth pay special attention to their financial condition and pay attention to the debt and how quickly they're going to be able to pay that off realistically then there's the cyclical as the things like the auto industry the steel and the chemicals the ones that regularly have highs and lows for cyclical z' is often industry-wide ups and downs not just individual companies in this area the timing is everything for the big profits however it's extremely difficult to know when's the good time to buy as far as finding success with the cyclical this is largely dependent on using your qualitative edge in this area do you work for or with these companies do you know why they are suffering and what would it take to get them out your edge is most useful here if you understand why they're suffering what it takes to pull them out then you will be able to determine when you hear news about them making moves to fix those solutions if they're actually going to work as far as Peter's opinion with cyclical z' this is very difficult to do well consistently in this area even if you do know things are turning around it might take a while for the price to change only bother with these if you have an edge with them then there's the turnaround the rock bottom companies the cyclical that didn't catch the momentum the company missing earnings on low profit margins turnarounds these companies are the least related to the general market conditions they're just trying to pull themselves out of the mud with turnarounds these are also the most likely scenarios where investors like you and I can lose the most money in a very quick period of time can it even survive its downfall when will it start turning around and this is a very dangerous category because they're the most likely to hit zero as far as finding success with the turnarounds mmm he says that most of the success will be with evaluating the balance sheet just how bad is the debt is the debt with all the principle payments due soon or is it far off into the future so for example if the principal payments are due within the next two years and these are the years that they're currently having bad earnings then to make those principal payments they are likely going to have to sell assets or do something drastic which is going to be causing a lot of problems you'll also need a lot of mental conviction which is very difficult to do perhaps you do pick a winner but it drops 30% more in price would you sell or hold on possibly buy anymore pessimism is at its worst in these situations you're never gonna hear really good stories when things are looking bad for these companies so it's gonna be really difficult to stay strong as far as turnarounds with Peter's opinion he says this is a super dangerous area and to only invest what you're totally willing to lose certainly this can give high rewards he did it with Chrysler which was a poorly managed cyclical situation that ended up turning out all right he says to be very cautious and pay special attention to the debt obligations and his principal payments then number six is the asset place the unrealized gems these are companies with valuable assets that people haven't properly accounted for so for an example of these asset plays in the book it was listed with Pebble Beach the real estate company the whole company was valued at twenty five million dollars 20th Century Fox buys them for about seventy two million dollars then 20th Century Fox sells just their gravel-pit let alone all the other assets that this company owned for thirty million dollars a day later after acquiring the company this company was valued at twenty five million dollars with a 30 million dollar asset sitting right under them the whole time so it's like I'll sell you this twenty dollar bill for ten dollars if you want it and you say deal because that just seems super obvious for finding success with asset plays this takes a lot of searching expertise and patience to win in this category searching means finding favorably mispriced assets which is not easy usually management wants to bolster their numbers not lower them and expertise do you know how to price the assets better than other people possibly from using your edge in whatever industry you're working with where you have the knowledge to do so and also it takes patience because you need to understand that it might take a while for management the market or another large company to realize what you see so for example with 20 Century Fox even if you saw that that was a huge asset that we're sitting on it might take years before another company decides to actually purchase them lastly in regards to these categories he wants to mention about the shifting around affect companies won't be in the same category forever the story of the company might shift from a fast grower to a stalwart to a turnaround and so on you need to keep checking up on a company's story and understand what's happening and whether or not you want to be investing in that company for the given situation even though it was a fast grow at the start maybe you want to sell it because you aren't a fan of putting stalwarts into your portfolio
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