2. Second, retail investors have wider contacts.

3. I also spend 15 minutes every year watching the stock market trend.

Besides, the fundamentals of this company have not been damaged.

5. The luxury of the office is inversely proportional to the company's willingness to give back to shareholders.

6. Peter Lynch believes that retail investors are more likely to make money for the following reasons.

7. There is no doubt that Fannie Mae is also trying to reverse this situation, and it has indeed received results.

The question now is, why did its share price fall? This problem must be clarified.

In fact, the economic recession in Britain has caused people to save money on soap and shampoo.

10. The biggest difference between retail investors and institutional investors is that they can make independent decisions.

1 1, stock investment needs to keep pace with the times, and we can't always look at problems with old eyes, otherwise it will be presbyopia.

12, which is mainly manifested in the fact that the company specially hired a successful person Maxwell to turn the situation around.

13, enterprises are the same as people. If they didn't change their name because they got married, they would be annoyed. I hope everyone will forget.

14, investment is interesting and exciting, but it will be dangerous if you don't study the fundamentals.

15, investment is exciting and pleasant, but it is also a dangerous thing if you are not ready.

16, to be exact, it is because the shampoo in the body shop is more expensive that consumers switch to cheaper shampoo.

17. In various industries and regions, there must be treasures that have not been discovered by investment experts, quietly waiting for retail investors to explore.

18. First, institutional investors have various restrictions on investing in stocks, and there are many constraints when making decisions, while retail investors do not have these restrictions and constraints.

19, retail investors need not consider these issues. They can decide what stocks to buy, what stocks not to buy, when to buy and when to sell.

20. Even if he (she) is very dissatisfied with your investment behavior, you can hide your stock trading records secretly and never let him (her) know.

2 1. After listening to this introduction, Peter Lynch decided to continue to pay attention to this stock and buy a small amount. If the stock price continues to fall, increase the number of shares.

22. After the above analysis, Peter Lynch decided that Body Shop had entered the second 10 year of the development of multinational enterprises, so he bought this stock without hesitation.

23. Those investors who are superstitious about stock selection are just an art, completely ignoring the fundamentals and simply playing with stocks. The result can only be playing with fire, and the more you lose, the more you lose.

24. The book value of listed companies is overvalued, and investors will be deceived; If the book value is underestimated, it is likely to be a big bull stock belonging to an asset-hidden company.

As for your spouse, you may or may not care about your investment. Even if you care about your investment and you make a mistake, he or she has to trust and forgive you and will not abandon you.

26. At least, many listed companies you know are not within their analysis and research scope; Obviously, in the listed companies you know, there will also be many shares 10 times.

Even if you buy blue chips or some of the best companies in the world's top 500, you should do so. Just as everyone needs a medical examination, there is no immunity here.

28. The biggest feature of this mode of operation is that it is difficult to predict: it may lose millions this year and earn millions next year. It can be said that all appearances are embarrassing.

29. When investing, institutional investors will always consider how to deal with the doubts of customers and fund managers, and will also face the torture of quarterly or semi-annual investment performance, so they are worried.

30. Peter Lynch believes that a sound investment portfolio needs regular inspection and reflection. Generally speaking, such a physical examination should be carried out once every six months, sometimes every 24 months.

3 1. It turns out that this is a British listed company. Apart from some negative news of this listed company, the British stock market has suffered a severe blow in recent months, which is a very important factor.

32. All these efforts have made it the only airline that keeps making profits from 1973- 199 1, and its return on investment is unparalleled. 1978, it had only four planes, but it soon became the eighth largest airline in the United States.

33. Peter Lynch suggested that retail investors: When the fundamentals of a stock have not changed substantially, but the stock price suddenly falls, the best way is to continue to hold it; A better way is to buy further.

Maxwell is a lawyer. He established his own mortgage insurance company very early and achieved success. He is very familiar with this industry. There are two main measures he took: first, short-term borrowing and long-term borrowing; The second is to imitate the practice of mortgage companies.

However, they don't think it's because they haven't done basic research ... One of their favorite excuses for losing money in investment is that stocks, like women, will never be guessed. This sentence is unfair to women and stocks.

36. Opportunities to invest in companies with hidden assets are everywhere. Of course, to seize this opportunity, we need to have a practical understanding of companies with hidden assets. Once we clearly understand the true value of the company's hidden assets, what we need to do is to wait patiently.

37. Peter Lynch's institutional investment is relatively backward, which creates excellent conditions for retail investors to hold shares for a long time and obtain rich profits. As long as the fundamentals of listed companies are good, every stock price decline is a good time to buy at a low price.

There are many ways to pay attention to a listed company. Peter Lynch thinks that sometimes it is better to watch what it does than to watch what it does. In other words, paying attention to the differences between this listed company and other companies is more likely to trigger your thinking.

39. In the 1980s, the aviation industry in the United States was in a bleak situation. American Eastern Airlines, Pan Am Airlines, Braniff Airlines, Continental Airlines and China Central Airlines went bankrupt one after another, and the rest basically struggled there.

40. Peter Lynch said humorously that he certainly did not advocate this practice. He just wants to tell you that retail investors have many choices, but institutional investors can't do this: they must disclose their accounts and report to customers and leaders.

4 1. If you find that a stock is $20 per share and the cash flow per share is $ 10, then you should mortgage your house, put all your money on this stock and buy as much as you can. In this case, the big bet will win.

42. Compared with professional institutional investors, amateur investors who hold too many stocks will lose the advantage of being able to concentrate their investments. As long as we find a few big bull stocks and concentrate on investing, the time and energy that amateur investors spend on investing all their lives will far exceed the value for money.

43. Peter Lynch said that institutional investors need about 65,438+0/4 working hours to explain to colleagues why they bought a stock. If a stock sells for 1 1 and rises to 19, it will never buy it back again unless it doesn't want his job.

44. It is Peter Lynch's consistent style to make a case study of every listed company. Whenever the stock market is in a downturn, this practice is even more worth promoting and the return on investment will be higher. Because this will make investors get drunk and open their eyes to find potential stocks.

45. If retail investors can enter in advance before investment institutions buy in large quantities, they will certainly get rich returns; On the contrary, when institutional investors sing praises to a stock and buy in large quantities, they may reach the highest position of the stock price, and then the stock price will turn around and go down.

46. What does this mean? This shows that if you are a person who didn't even graduate from high school, or a retiree, eccentric person, or a surfer or truck driver, you will have many advantages over analysts of investment institutions.

47. In the mid-1970s, the contract interest rate of long-term mortgage loans bought by Fannie Mae was 80/0~ 10 0, while the short-term loan interest rate was as high as 180/0- 19%. Obviously, this is an upside-down business: the cost of borrowing money is as high as 18%, but the income is only 8%~ 100/o, and the result can only be more losses.

48. However, as retail investors, there is absolutely no need to think like institutional investors. When you sell a stock at 1 1, when it rises to 19, you can buy it again, and no one will accuse you. The key is that it still has the momentum to rise.

49. Peter Lynch's experience is that when listed companies own natural resources such as land, timber, oil and precious metals, the recorded value of these natural resources is often only a small part of the actual value. Therefore, it is time to think about whether this is a hidden company.

50. Peter Lynch found that Southwest Airlines had the lowest operating cost. This can be reflected in the average operating cost per mile per seat in the annual financial report. The average level of American aviation industry is $0.07 ~ $0.09, but now it is only $0.05 ~ $0.07.

5 1, Fannie Mae is Peter Lynch's favorite stock and was once called the truly most valuable company in the United States. Compared with Fidelity Management Company working in Peter Lynch, the number of employees of Fannie Mae Company is only1person of Fidelity Company, but it has created a profit of 10 times of Fidelity Company.

52. Therefore, when buying stocks, retail investors should also take a good look at people in listed companies like Peter Lynch, not just their share prices and P/E ratios. No matter how you meet a rich mother-in-law, when looking for a future son-in-law, you must always inquire about each other's personality, right?

53. Analysts of institutional investment companies are very similar in background, experience and way of thinking, and can be called the same kind of people. There are no young people and no old people. I can't imagine that there are no high school graduates, let alone those who used to be surfers and truck drivers.

54. The success of every enterprise is not accidental. Peter Lynch saw his peace of mind in investing in this kind of listed companies from the outshine others of Southwest Airlines, because they regarded investors' money as their own, instead of renting out the land for their own use and squandering it at will, as some listed companies did.

55. Peter Lynch believes that it is not necessary for retail investors to invest like institutional investors, otherwise the final return will be as dull and not excellent as institutional investment. In this case, it is ridiculous for retail investors to blindly follow the main institutions there.

56. Not only is the stock market very difficult to predict, but small-scale investors are always more likely to be very pessimistic when they should not be pessimistic, and very optimistic when they should not be optimistic. So when they want to chase after the bull market and sell in the bear market, they often backfire.

57. Valuation of stocks by cash flow is a common method. The key to the investigation here is two major indicators: market cash flow ratio and free cash flow, with the focus on the latter indicator. The general principle is that high cash inflows can be obtained without too much capital expenditure, and such stocks should be the first choice for investment.

58.- Generally speaking, if the P/E ratio of a company's stock is only half of the income growth rate, then the possibility of making money from this stock is quite large; If the price-earnings ratio of a stock is twice the growth rate of earnings, then the stock may lose a lot. We have been using this indicator to analyze stocks when selecting stocks for funds.

59. The harmonious interpersonal relationship within listed companies is a sign to measure the smooth development of enterprises. If enterprise managers are called capitalists and vampires by workers, such enterprises must be no better. Southwest Airlines stipulates that the salary increase of senior managers shall not exceed the promotion of ordinary employees; president

60. Strangely, Southwest Airlines stood out. Not only did it not go bankrupt, but it also lived happily. Its share price rose from $4 at 1980 to $24 at 1985. After that, although the stock price was adjusted for five years, it was still very difficult compared with the collapse of its peers. Sure enough, after 1990, its share price rose rapidly by l times.

6 1, this situation also appears in the Australian and Canadian markets, with the exception of the United States, the expansion of the body shop is still accelerating. Moreover, in France and Japan, the growth rate of performance is better than expected (because it has no competitors in these countries), which makes up for the losses caused by the recession in the first two markets to some extent.

62. The last question that Peter Lynch meets with each other must be who is your favorite competitor? This problem is tricky. On the one hand, the bosses of listed companies will not feel invincible and have no competitors; On the other hand, once he said who his competitors were, the list was printed in Peter Lynch's mind and automatically included in the list of recommended stocks.

63. Soon, the share price of the company 1974 dropped from $9 to a record low of $2. As a result, there are rumors everywhere that the company is going to close down. However, some people don't think so. A stock analyst who specializes in Fannie Mae predicts that Fannie Mae will be the kind of girl you want to show your parents. Is there any basis for this assertion? It turns out that Fannie Mae's operating profit depends on the spread.

June+10, 64.5438, Peter Lynch still thinks that the development prospect of Body Shop Company is very good, but its share price is too high relative to its income, so we have to wait and see. Soon, he felt that this opportunity came: in July of that year, the stock price fell from $25 to $63, down 3%, and the price-earnings ratio was 20 times. He thinks that if the company's annual growth rate reaches 25%, this stock is still worth buying.

65. It is easier for retail investors to make money by thinking independently. Peter Lynch proudly said that when he was a Magellan fund manager, he achieved such brilliant results because he was able to make his own decisions and was rarely bound. He said: The stock I want to buy is exactly the stock that traditional fund managers want to avoid. In other words, I will continue to think about stock selection as an amateur investor as much as possible.

66. However, unexpectedly, the share price of this stock fell to $4 in February 1992, which greatly exceeded Peter Lynch's expectation. He never thought that he would fall so badly. So, he continued to call the relevant people of this company to find out if there is any problem with the operation. As a result, the company still has no debt, and the new market is still expanding, but the sales performance in the British local market is a bit problematic.

67. Peter Lynch has his own unique skills in stock selection. For example, when he bought shares in Key Corp, he took a fancy to the bank's frost zone management theory-this company specializes in buying small banks and doing business in high mountains and cold regions. Their reason is that people in these areas are generally frugal and conservative, so the default rate of loans is low, the business of banks is booming and the benefits are stable.

68. Peter Lynch immediately called the chief financial officer of Body Shop Corporation and learned that the company's four main market countries are Britain, Australia, Canada and the United States. All four countries experienced economic recession during this period. Relatively speaking, the company's single-store sales revenue in 199 1 still increased greatly. What's more, the company's product market is very broad and is in an attractive expansion stage.

69. Enter the site as early as possible, but not too early. I often think of investing in growth companies as playing baseball and trying to get into the game in the third inning. Because a company usually has proved its strength at this time. If you buy before the offensive and defensive list is announced, you are taking unnecessary risks; There is still a lot of time between the third game and the seventh game (for example, 10~ 15), which is enough to make people profit 10~50 times. If we wait until the end of the game, it may be too late.

70. Peter Lynch believes that investors should check the stocks they care about regularly every six months, instead of simply looking at the stock prices in newspapers. Here, at least two questions should be answered: first, is the current valuation attractive relative to the income? Second, what problem factors lead to the continuous growth or decline of the company's income? Only in this way can you determine how to adjust the portfolio next, whether to keep it or change the portfolio strategy?

7 1. Originally, in the homogenization competition in the same industry, it positioned itself as the only multi-flight short-haul low-cost airline: they did not open flights to Paris, but only engaged in short-haul routes; Do not provide exquisite machine-made meals, only peanuts and cocktails; You don't have to borrow a lot of money to buy a lot of planes. Whoever has the biggest hole in his socks among the passengers will win the prize. The top managers of their company can't get ridiculously high salaries, but the employees are treated very well and hardly hear any complaints.

72. Peter Lynch said that six-month regular stock inspection is a compulsory course for institutional investment researchers on Wall Street. In addition, some stocks can't find problems for half a year, and it takes a longer interval to find problems that were difficult to find. Therefore, investors must also check some stocks regularly every 24 months to see if the company's funds have been effectively operated. Peter Lynch himself often does this, which benefits him a lot.

73. When paying attention to the stocks of hidden companies, retail investors should pay more attention to finding such investment opportunities: if an ordinary listed company seems to have no future and actually has a high free cash flow every year, and the listed company does not intend to further expand its business scale, then it is necessary to make further efforts to study it. This kind of enterprise is easy to appear in the leasing industry, except the computer industry. Because computer products are updated quickly, the inventory will soon depreciate.

74. For many years, the top management of the company has been working in an office as simple as a military camp. 1990 they decided to have a good luxury, so they built a three-story building and hired a designer to take charge of the interior decoration. When he walked into the newly decorated office building, the CEO saw that there were no medals for outstanding employees and photos of the company picnic hanging on the wall. He flew into a rage, not only fired the designers immediately, but also hung them on the wall for a whole weekend.

75. After Peter Lynch took charge of Magellan Fund, he traded every day for the first four years. Peter Lynch thinks that having lunch with representatives of listed companies is a very effective investment early warning system. Not only saves time, but also reduces the distance. You can also meet and communicate with executives of hundreds of listed companies every year, which can be described as killing several birds with one stone. For this reason, he strongly encourages analysts and fund managers to have afternoon tea and chat with representatives of listed companies in the conference room as a supplementary channel to understand the information of listed companies.

76. Some large listed companies have wholly or partially controlled subsidiaries, or one company has shares in another independent company, which often hide hidden assets with seriously undervalued value. Analysts of Fidelity Fund Company found that the sum of the net asset values of all UAL subsidiaries, excluding liabilities and taxes, exceeded the total market value of the shares of the head office. This means that investors can get one of the largest airlines in the world without spending a penny. On this basis, Peter Lynch bought a lot of shares of the company and made 1 times with his eyes closed.

77. On Peter Lynch's desk, except for family photos, all the others are photos of Fannie Mae's headquarters. He said that as long as he saw this photo, he would feel extremely comfortable. In the last three years when Peter Lynch was in charge of Magellan Fund, Fannie Mae was his first heavyweight stock with a total market value of $500 million. It created a profit of $654.38 billion for Fidelity Management Company, so much so that Peter Lynch wanted to apply for the Guinness Book of World Records, because it created the biggest profit that a fund department could get with only one stock in the financial history.

78. Stock investment needs to be viewed from a developmental perspective. Since 1986, Peter Lynch has recommended the shares of Fannie Mae to Barron's Weekly every year, which is a bit boring. But his understanding of this company is not in one step, and it takes a long process. He concluded that everything is constantly changing, good or bad, and you must closely follow this change to adjust your strategy. Unfortunately, those institutional investors on Wall Street have ignored this change, because they only remember the bad impression and beauty left by the old house.

79. In the early days when he was in charge of Magellan Fund, these bank stocks bought by Peter Lynch had the same feature as other stocks, that is, they were all so-called second-tier stocks (stocks of small and medium-sized companies) with very low P/E ratio. At least, the price-earnings ratio of the top 10 stocks is only 3 ~ 5 times. At that time, the popular view of various fund companies was that the golden age of small and medium-sized companies' stocks had passed, and the era of large-cap blue-chip stocks had arrived. Peter Lynch's investment philosophy is the opposite. He firmly believes that when the price-earnings ratio of a listed company is only 3-6 times, it is almost impossible to lose money on this investment.

80. Peter Lynch invested 5% of Magellan Fund in Chrysler shares. He said that if there were no restrictions from the CSRC, he would invest in 10% ~ 20% shares. He particularly emphasized that his investment behavior was not based on news reports, nor on the speech of the chairman of the Federal Reserve Board of Directors, but on my case study of individual stocks. Let's be clear: most domestic investors decide whether to buy a stock. Contrary to Peter Lynch, they are not based on individual stock case studies, but on news reports or someone's comments and speeches. The difference is obvious.

8 1. When Peter Lynch visited the new model of Chrysler Automobile Company that day, what impressed him most was the car, not the convertible station wagon introduced by the President. But it was this convertible wagon that finally saved the company's fate. Peter Lynch's reflection shows that no matter how a layman understands this industry, unexpected things will happen in this industry. Those institutional investors on Wall Street predict that Chrysler will be finished, which is actually amateur behavior; Peter Lynch made a huge investment through the case study and finally made a huge profit (more than 1 billion dollars from this stock), which is the result of penetrating into the industry and conducting in-depth case studies.

82. When retail investors determine that a listed company is a hidden company, they will pay special attention to its business performance, because its book value is likely to be much lower than its actual value. For example, Monsanto, which produces drugs, has the exclusive patent right to produce a certain drug 17 years. If the actual income is $-0/0 per share, $2 will be used to amortize the patent rights of drugs, and the book value can only reflect $8. Once the amortization period ends, the company's income will explode. What's more, when the exclusive production patent right of 17 expires, the term of this patent right can be extended by 17 years as long as the drugs are slightly improved. When encountering such a listed company whose value is seriously underestimated, the profit margin of the stock will be very large, and other companies cannot follow suit.