Peter Lynch 彼得林區

 https://www.youtube.com/watch?v=MLIxSL1v79g

This video is from 1994 I think. 

• The single most important thing is: KNOW WHAT YOU OWN. Buy the companies you understand.
• Many people buy stocks and don't know why they buy it, but people are careful with their money when they buy a refrigerator, a toaster, or a microwave oven.

• When you buy a stock, there is a company behind it. Stocks are not lottery tickets. If the company does well the stock does well. 
• Example: Coke-Cola earns 30 times in 32 years. The stick had gone up 30-fold. 

• Don't predict the market. M1A M1B or M2B and interest rate are not that important; more important is when you own a auto stock, you should know the used car price. When you buy a hotel stock, you should know the vacancy rate. Know the facts and relevant of the company you invest.

• Know some history: 50 declines in 93 years. About every two years, the market falls about 10%; 15 has been 25% or more. TAKE advantage of these declines based on the fact, checking the balance sheet. Again, know what you own and what you are going to buy.

• Be patient
• You could buy Walmart 10 years after its IPO and earned 35 times. Don't rush.  
• Three year after Microsoft went public and made 10 times. 
• Observe good products (companies) around you. That is an edge. 

• Aware of good companies at your work, in your own experience, or from you friend and family. There are good stocks, but you need to listen.
  

• Don't be convinced that small investors don't have a chance to succeed in the stock market. Public can do extremely well in the stock market. The institutions push stocks in usual lows and push it usual highs; they are not always right.