Experimento "Lynch"
Estoy leyendo a Lynch con el kinder bueno, como me deja subrayar y pasarlo al ordenata he pensado que a lo mejor le podía interesar a alguien. Los "quotes" están un poco fuera de contexto y pueden sonar a gilipolleces. Además, no pretendo que sea un resumen del libro, sólo las cosas que mas me llaman la atención, puede haber cosas interesantes que pase por alto porque me parecen obvias o porque no soy capaz de ver que son importantes. Si hay alguien a quien le interesa, seguiré poniendo conforme vaya leyendo, si no pues nada. Saludos
because if you are undecided and lack conviction, then you are a potential market victim, who abandons all hope and reason at the worst moment and sells out at a loss.
It is personal preparation, as much as knowledge and research, that distinguishes the successful stockpicker from the chronic loser. Ultimately it is not the stock market nor even the companies themselves that determine an investor’s fate. It is the investor.
small investors tend to be pessimistic and optimistic at precisely the wrong times,
Investing in stocks is an art, not a science, and people who’ve been trained to rigidly quantify everything have a big disadvantage.
Logic is the subject that’s helped me the most in picking stocks,
My distrust of theorizers and prognosticators continues to the present day.
the numerous cultural, legal, and social barriers that restrain professional investors
a stock is down but the fundamentals are positive, it’s best to hold on and even better to buy more.)
Under the current system, a stock isn’t truly attractive until a number of large institutions have recognized its suitability and an equal number of respected Wall Street analysts
between the chance of making an unusually large profit on an unknown company and the assurance of losing only a small amount on an established company, the normal mutual-fund manager, pension-fund manager, or corporate-portfolio manager would jump at the latter.
acceptable mediocrity is far more comfortable than diverse performance.
In our business the indiscriminate selling of current losers is called “burying the evidence.”
Whenever fund managers do decide to buy something exciting (against all the social and political obstacles), they may be held back by various written rules and regulations.
a mutual fund such as mine cannot own more than ten percent of the shares in any given company, nor can we invest more than five percent of the fund’s assets in any given stock.
This results in a strange phenomenon: large funds are allowed to buy shares in small companies only when the shares are no bargain.
My biggest disadvantage is size. The bigger the equity fund, the harder it gets for it to outperform the competition.
If no company seems attractive on the fundamentals, you can avoid stocks altogether and wait for a better opportunity.
Then again, maybe you shouldn’t have anything to do with the stock market, ever. That’s an issue worth discussing in some detail, because the stock market demands conviction as surely as it victimizes the unconvinced.
There’s nothing wrong with getting paid interest, especially if it is compounded.
there’s very little in the corporate bond business that isn’t callable,
Historically, investing in stocks is undeniably more profitable than investing in debt.
In spite of crashes, depressions, wars, recessions, ten different presidential administrations, and numerous changes in skirt lengths, stocks in general have paid off fifteen times as well as corporate bonds, and well over thirty times better than Treasury bills!
stocks are risky.
Buy the right stocks at the wrong price at the wrong time and you’ll suffer great losses.
bonds can be risky,
the interest will be paid. But that doesn’t protect the value of their shares in the bond fund when interest rates rise and the bond market collapses.
any other absolute division between safe and rash places to store money.
Historically, stocks are embraced as investments or dismissed as gambles in routine and circular fashion, and usually at the wrong times. Stocks are most likely to be accepted as prudent at the moment they’re not.
To me, an investment is simply a gamble in which you’ve managed to tilt the odds in your favor.
By asking some basic questions about companies, you can learn which are likely to grow and prosper, which are unlikely to grow and prosper, and which are entirely mysterious.
You can never be certain what will happen,
These are the players who undertake to maximize their return on investment by carefully calculating and recalculating their chances as the hand unfolds. Consistent winners raise their bet as their position strengthens,
Consistent winners also resign themselves to the fact that they’ll occasionally be dealt three aces and bet the limit, only to lose to a hidden royal flush.
They accept their fate and go on to the next hand, confident that their basic method will reward them over time.
They realize the stock market is not pure science,