Can You Earn More Than Stock market & Mutual Fund Experts? Beating the Street Book Review
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The book is starts off with a story back in 1990-1991 a competition took place. A bunch of seventh standard students were asked to pick stocks from the S&P500 index. They primarily based their stock picks on what they liked. The St. Agnes Portfolio thus consisted of companies such as Walt Disney, PepsiCo, Nike and Gap. The stock index roared these years, since it increased 26% from 1990-1991. This return was looked upon with envy from the majority of investment funds and portfolio managers. But what about the seventh graders? They beat the S&P to pieces with their 70% return.
Throughout the book, Peter presents 21 principles. This thought-provoking story illustrates principle that: “Never invest in any idea you can’t illustrate with crayons”. In other words: Invest in businesses you understand and whose products you’re crazy about yourself.
At the time of writing that stock market book – Beating the Street (1993), Peter Lynch notes that stocks have been more rewarding than bonds and cash deposits over the long run. He says you only need to select a handful of high-quality stocks after thoughtful research to be successful. There is of course a lot more to this. In particular, successful investors (like Warren Buffett, Charlie Munger, Rakesh Jhunjhunwala, etc) do not allow their day-to-day worries to dictate strategies or make impulsive decisions.
The key he says is not to get scared out of stocks. We are confronted everyday with news that our economic environment is in turmoil. Common examples include changes in interest rates, oil price shocks, trade-wars, terrorist attacks, financial crisis, environmental disasters and economic recessions.
Post-crisis trauma can cause many to over invest in bonds, money markets and savings accounts. A 30-year treasury bond is only safe for example if we have 30 more years of low inflation. Every bear market that creates a temporary loss in earnings is also an opportunity to buy fantastic companies and bargain prices to intrinsic value.
There are many more good lessons from this book which will be covered in the future videos.
02:58 Storytel App
04:13 Lesson 1: When 7th Std Students beat Mutual Fund Experts
06:59 What do we learn?
08:42 Lesson 2: Investing is Art and Science
09:48 Lesson 3: Key to Success: Don’t fear stocks
12:05 Outro – Thank You
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