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The Equitymaster Research Digest

Don't Invest Alone
Jun 9, 2017

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Have you read Peter Lynch's wonderful book, One up on Wall Street?

If not, I strongly recommend you do. You'll become a better investor when you read it. I certainly did.

One of the most fascinating things I learned was how fund managers think. Lynch says most people believe fund managers are always on the lookout for exciting investment opportunities.

But that's not true as per Lynch. Fund managers spend a lot of time and energy justifying why they shouldn't buy exciting stocks. They say things like...

  • 'The management acquired a company recently and it may not work out.'
  • 'They have plans to enter new and unrelated segments.'
  • 'The company is demerging one of its divisions.'

If you think these reasons are not good enough to avoid potential multibaggers, you're right. So why do the professionals behave in this manner?

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