Book Review: One Up On Wall Street by Peter Lynch
Peter Lynch is one of my heroes. In his books he offers both a framework for investing success that is much more complex than some reviews would like you believe. At the same time he gives you the confidence that you can beat the professional mutual and hedge fund managers.
His writing is clear and simple and timeless and I think even in 20 years readers will hardly notice how old the book is, except because the example companies have disappeared. He is also funny at times and though he never gets as tongue in cheek as a Joel Greenblatt, One Up On Wall Street is still very entertaining.
Peter Lynch teaches you to look around you and shop for investment ideas very literally in the mall but also teaches you to pay attention within your own industry. How is the business you are working at doing? You can also find ideas by watching suppliers and just by paying attention to novel products people are using and franchises or products that revolutionize an industry. He doesn't mean the Tesla's of this world after everybody and his dog knows about Tesla but opportunities that haven't been discovered yet. I don't know one, from the top of my head... but you get the picture.
However don't think for a second that is all there is to Lynch's advice. He lists very clear attributes he looks for in stocks and gives clear examples of how these worked out. He also talks about his mistakes and how he missed great investment ideas that were right in front of him, the whole time.
With his down to earth and clear voice he won my sympathy but the access to the powerful thought process behind his stock selection is what impressed me most.
This is a tie with this book for my favorite Lynch.
All Lynch's book are on my shelf and every one of them improved my investing process.
The Bible of value investing, if you don't already own it. You should get it.