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Beating the Street, by Peter Lynch
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The terrific new guide to investing in stocks that goes beyond Peter Lynch's previous runaway bestseller, One Up on Wall Street. Lynch explains how he researched and selected the companies he recommended in the 1992 Barron's Roundtable, giving information that readers can use in any market environment to find successful companies and winning stocks.
- Sales Rank: #213389 in Books
- Brand: Simon & Schuster
- Published on: 1993-01-31
- Original language: English
- Number of items: 2
- Dimensions: 8.50" h x 6.25" w x 1.25" l,
- Binding: Hardcover
- 318 pages
- Great product!
From Publishers Weekly
Until retiring in 1990, Lynch ( One Up on Wall Street ) was manager of the spectacularly successful Fidelity Magellan Fund. Here he recalls with self-deprecating humor and disarming candor how he went about choosing winning stocks (and missing a few) for the $12 billion fund, which, during one five-year period in the 1980s, earned investors a 300% return. Lynch strongly favors stocks over other investment vehicles but insists that "investigative" research into a corporation's prospects, including credit checks and visits to the firm's installations, is essential. "Focus on companies, not the stocks," he stresses, adding that on this basis limited partnerships, banks and even S & Ls can be sound investments. Lynch's reputation and business writer Rothchild's deft touch should yield big sales for this inside story. Major ad/promo; first serial to Money magazine; BOMC and Fortune Book Club alternates; author tour.
Copyright 1993 Reed Business Information, Inc.
From Library Journal
Lynch is the master stock picker who led Magellan (until May 1990) to its position as America's biggest mutual fund. In One Up on Wall Street (Simon & Schuster, 1989), also written with Rothchild, he described his winning methods. Here, he provides a few more elaborations and 21 "Peter's principles." Some are overly clever, e.g., being first in line is a great idea except on the edge of a cliff. Lynch takes three chapters to explain how he "done it good" at Magellan. One valuable chapter details methods for picking a mutual fund from the thousands available, but most of the book is devoted to demonstrating his research into picking the 21 stocks he recommended in the January 1992 Barron's roundtable. Still, since the average investor will not get to talk to the CEO or visit the company in person, maybe we should all just buy Lynch's recommendations each year. A tossup. Previewed in Prepub Alert, LJ 11/1/92.
- Alex Wenner, Indiana Univ. Libs., Bloomington
Copyright 1993 Reed Business Information, Inc.
About the Author
Peter Lynch managed the Fidelity Magellan Fund from 1977 to 1990 when it was one of the most successful mutual-funds of all time. He then became a vice chairman at Fidelity and more recently has become a prominent philanthropist particularly active in the Boston area. His books include One Up on Wall Street, Beating the Street, and Learn to Earn (all written with John Rothchild).
John Rothchild was formerly a financial columnist for Time and Fortune magazines.
Most helpful customer reviews
3 of 3 people found the following review helpful.
A classic read for home gamers and budding investment analysts
By Winston Kotzan
Most memorable books of investing provide you a first-hand insight into the minds of Wall Street's successful and storied investors. Beating the Street is no exception. It gives us an opportunity to peer into the philosophy of one of Wall Street's greatest investors ever, Peter Lynch. For those of you who are unfamiliar with Peter Lynch, he headed Fidelity's flagship Magellan Fund from 1977 to 1990. His track record is still today a legend, having given investors a nearly 30% compounded return during his tenure. Beating the Street is Peter's autobiographical chronicle on how his investment strategies developed and evolved as he grew the fund from obscurity into a multi-billion dollar juggernaut.
I find the beginning chapters of the book very relatable and eye opening. Peter has a very down-to-earth style of talking about his life as a portfolio manager and has no shame in sharing the lessons learned from his investing missteps. I find it interesting that he never really had any set strategy for diversification and didn't really pick stocks to weight his selections among certain industries or types of investment. Rather, he just studied hundreds of different stocks looking for underlying fundamentals that seemed favorable. He never really distinguishes himself as a "growth investor" or "value investor", but contrasts the semantics between the two in his early chapters. I would consider him to be a growth investor since he focuses strongly on long term increases in earnings and dividends. Many of Peter Lynch's methodologies sound similar to much of what is presented in Jim Cramer's books. However, I would characterize Peter's delivery and presentation much closer to "sane money" than "mad money".
The writing style is very personable, and I like how most of the book could probably be understood by a fifth grader. But that is not to say the book is too simplistic. Later chapters go into more detail with the financial metrics Peter looks for in a company - something that both amateurs and professional investors could find insightful.
The fact that Beating the Street was published in 1993 is no disadvantage, and in fact makes the book more interesting since Peter's stock picks can be viewed through the scope of time. Curiously, many of the stocks that Peter recommends in this book are now defunct since the companies have been merged or taken over by larger entities. Perhaps they were bought out because of the same attractive fundamentals that put them on Peter's radar.
However, it should be noted that many of his picks went through tough times for investors not long after the book's publication. One of his favorite stock picks, Supercuts, overstepped its capacity by expanding too aggressively. By the mid-1990s, Supercuts was unable to make enough money to recoup the debt acquired from its rapid build-out. In his pitch, Peter also didn't tackle the question of competition crowding out Supercuts since its business model was so easy to replicate. Some of his other picks like Nucor or Cedar Fair are still publicly traded today, but have mostly traded sideways with bumpy ups and downs for the last 18 years. Since the early 90s those stocks would have presented subpar returns to buy-and-hold investors.
The poor performance observed by researching a handful of Peter's recommendations makes me wonder if the "50-baggers" and "200-baggers" that he ran across as a portfolio manager during the 80s could still exist in today's sideways market. A cursory look at some of his favorite stocks mentioned in the book made me realize that stock performance in general during the 80s and early 90s was superior to the decades after. Just look at the chart for Cracker Barrel, which returned almost 1900% in price appreciation from 1984 to 1993, but at its best only returned about 100% from 1993 to 2011. Although this is a topic for further research, it makes me wonder whether Peter's principles still apply in today's stock market or whether they need some updating.
The question of whether Peter's style still has the same effectiveness is why I am only giving the book four stars. Has much really changed? Would Peter still be able to generate annualized returns of 30% in today's sideways market? We may never know. I would love to see an updated edition with an epilogue from Peter on what he would do differently in today's environment and how he would change his recommendations given hindsight.
1 of 1 people found the following review helpful.
stay th course
By Anonymous
I liked his selection when I 1st started playing with the market when he was with Fidelity. Now I'm retired and hunting different strategies from known writers. I thought this to be an easy read and not challenging.
1 of 1 people found the following review helpful.
A good readable book by an investment master.
By Falco del Fiume
This is especially good book for beginners (and other who wish to learn more) who wish to spot investment ideas worth investigating. Peter Lynch had a nice rule of thumb for a quick and dirty method of determining fair value. He asked himself what would be the fair value of this stock if its p/e ratio was 15. For many companies when I do fair value the long way the answers are often close. I read this book long ago and have reread it. Peter writes well and clearly.
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