Peter Lynch – Beating the Street (Rev. Ed.)

Author: Peter Lynch

• Trading books are a form of accounting ledger that contains records of all tradeable financial assets of a bank.
• Trading books are subject to gains and losses that affect the financial institution directly.
• Losses in a bank’s trading book can have a cascading effect on the global economy, such as those that occurred during the 2008 financial crisis.

Beating the Street (Rev. Ed.)

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Develop a Winning Investment Strategy-with Expert Advice from “The Nation’s #1 Money Manager.” Peter Lynch’s “invest in what you know” strategy has made him a household name with investors both big and small.

An important key to investing, Lynch says, is to remember that stocks are not lottery tickets. There’s a company behind every stock and a reason companies-and their stocks-perform the way they do. In this book, Peter Lynch shows you how you can become an expert in a company and how you can build a profitable investment portfolio, based on your own experience and insights and on straightforward do-it-yourself research.

THE ST. AGNES PORTFOLIO

The fourteen stocks shown in Table 1-1 were the top picks of an energetic band of seventh-grade portfolio managers who attended the St. Agnes School in Arlington, Massachusetts, a suburb of Boston, in 1990. Their teacher and CEO, Joan Morrissey, was inspired to test the theory that you don’t need a Quotron or a Wharton M.B.A., or for that matter even a driver’s license, to excel in equities.

You won’t find these results listed in a Lipper report or in Forbes, but an investment in the model St. Agnes portfolio produced a 70 percent gain over a two-year period, outperforming the S&P 500 composite, which gained 26 percent in the same time frame, by a whopping margin. In the process, St. Agnes also outperformed 99 percent of all equity mutual funds, whose managers are paid considerable sums for their expert selections, whereas the youngsters are happy to settle for a free breakfast with the teacher and a movie.

Table 1-1. ST. AGNES PORTFOLIO

Company 1990-91 Performance (%)

Wal-Mart 164.7

Nike 178.5

Walt Disney 3.4

Limited 68.8

L.A. Gear – 64.3

Pentech 53.1

Gap 320.3

PepsiCo 63.8

Food Lion 146.9

Topps 55.7

Savannah Foods – 38.5

IBM 3.6

NYNEX – .22

Mobil 19.1

Total Return for Portfolio 69.6

S&P 500 26.08

Total return performance January 1, 1990-December 31, 1991

I was made aware of this fine performance via the large scrapbook sent to my office, in which the seventh graders not only listed their top-rated selections, but drew pictures of each one. This leads me to Peter’s Principle #3:

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