One Up on Wall Street: How to Use What You Already Know to Make Money in the Market
was a book I got on Amazon.ca. I didn't know that it was going to be so wee in size when it came in the mail. It's quite cute- like a pocket book! It's the Miniature Edition of the his New York Times Bestseller book.
Contrary to popular belief that size matters (wink wink nudge nudge), this book, even though it's small, is jam-packed with lots of good information.
Peter Lynch is famous for writing Beat the Street and Learn to Earn. He's the vice-chairman of Fidelity Management.
In this no-nonsense easy to read book he talks about:
- Preparing to Invest– he says that the term “professional investor” is actually an oxymoron- that there are good ones and bad ones, and we shouldn't put fund managers on pedestals, without adding a touch of skepticism. He says it's important to only invest in what you can afford to lose without that loss having an effect on your daily life in the foreseeable future.
- Picking Winners– He gives you tips on how to stalk the “tenbagger” (the stock that will give you 10x return on your inveestment) that the McDonald's and Coca Colas started off somewhere, and the keen investor should keep an eye out for those new local companies. A couple huge tips I would like to share are: “Companies that have no debt can't go bankrupt” and “look for companies that consistently buy back their own shares” and “invest in at least as much time and effort in choosing a new stock as you would in a new refrigerator”.
The Long Term View– Peter shares the secret about when to sell a Slow Grower, a Stalwart, a Cyclical, a Fast Grower, a Turnaround, and an Asset Play.
- He also mentions Twelve Silliest Things that People Say about Stock Prices like “Eventually they always come back” or “It's only $3 a share, what can I lose?
- And finally talks about some reminders to be aware of, like “market declines are great opportunities to buy stocks in companies you like. Corrections- Wall Street's Definition of going down a lot- push outstanding companies to bargain prices”.
Even though it's so short and sweet, I give this book a 9/10 for being very informative, cutting the jargon and nonsense and delivering an easy to read book packed with good tidbits for any market investor. Really, not one word is wasted in this book!
So without further adieu, here's your chance to win a copy of this book (which is my copy, mint condition)! It's worth a whopping $4.95. It's my first ever give-away, so bare with me… the contest prizes will hopefully get a little more fruitful as time goes by.
“One Up on Wall Street” Contest Rules:
To win, please subscribe to Young and Thrifty either by email updates or RSS and follow me on twitter (yes, I'm demanding, I know!). Please also comment below so I can contact you in the event you win (and mail out the prize!). If you already have subscribed and are already following me on twitter- thank you!- just leave a comment below so I know to add you to the contest =)
To win an extra entry, please tweet to your followers:
” @youngandthrifty Book Giveway: “One Up on Wall Street” miniature edition by Peter Lynch http://bit.ly/aM5xjf ”
The winner will be selected by random.org.
You have until April 1, 2010 at midnight PST (west coast time) to enter
The winner will be announced next week and I'll contact you by email.
Good Luck! It's a great book!