If you didn't get the deferred-gratification gene, you've got to work very hard to overcome that.”

“It's waiting that helps you as an investor, and a lot of people just can't stand to wait. He doesn’t get distracted by the everyday ups and downs - or even the exceptional ups and downs. That’s because he keeps his eyes on the horizon. Lynch was fully invested still - as he always is. The market shot up at a wild rate, taking investors off guard as they fumbled to buy back into the stocks they’d left for dead. Having just bought a new home, he was worrying about how he’d be able to manage his high mortgage payments.īut his fortunes turned around practically overnight. In this passage, Lynch explains how the summer of 1982 was a devastating time in the stock market. So it’s safe to say Lynch knew what he was talking about when he wrote the book One Up On Wall Street in 1989. It’s a great feeling to be caught with your pants up.”Īmerican investor Peter Lynch turned Fidelity’s Magellan Fund into the best performing mutual fund in the world during the time he managed it from 1977 to 1990.

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