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One up on Wall Street: How to Use What You Already Know To Make Money in the Market, Miniature Edition
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Product Description

Peter Lynch's acclaimed New York Times bestseller, with more than one million copies sold, is now a handy, useful Running Press Miniature Edition?! Readers will learn what stocks to avoid, how to decipher Wall Street jargon, how to design a perfect portfolio, and countless other ways to succeed in business and finance. Packed with insightfrul excerpts from essays in the original One Up on Wall Street, as well as original photographs, this little book is full of big insights from big business.

Customer Reviews:

  • Very disappointed, very
    the description was misleading, it's not a book, it's an excerpt in tiny, tiny pages. Very disappointed....more info
  • WARNING: THERE ARE 2 VERSIONS OF THIS BOOK
    Make sure you are buying the correct version. This one here is listed as mini version. (I've seen this version get a lot of bad reviews.) Mini version is cheaper = $4.50 but the FULL version is $9.50. The full version is the more famous of the two.

    ...more info
  • this Miniature edition is cheating
    I do not think customers would like pay $12 for shipment to buy this matchbox size "book" of 95 pages, double side print.

    If not cheating why the book's image on Amazon is same as the other ordinary zise books'. The iamge of this book on Amazon should be much smaller to indicate this is a miniature edition....more info
  • Lynch's Best Book
    Some writers you just can't afford not to read- and Peter Lynch is one of them. How can you go wrong with a guy who refers to technical analysis as "that science of wiggles"? How bad can learning about P/E ratios be when your guide writes lines, such as "The 1960s was the greatest decade for diworseification since the Roman Empire diworseified all over Europe and northern Africa" (147), or "When `The Limited' had positioned itself in 670 of the 700 most popular malls in the country, then `The Limited' finally was" (224)? If that doesn't elicit a chuckle, then you've picked-up the wrong book.

    Of course, as entertaining as Peter Lynch may be, his primary purpose is to teach you how to beat the Street. He lays down the gauntlet, challenging us to net 12-15% in average annual returns, or don't even bother. But lest you feel daunted by the challenge, consider Lynch's own background, "As I look back on it now, it's obvious that studying history and philosophy was much better preparation for the stock market than, say studying statistics" (32). So, take heart, and let's begin!

    Lynch took over the Fidelity Magellan fund from "Ned" Johnson in May 1977. At the time the fund owned only 40 stocks with a total portfolio value of $20 million. For the next 13-years he managed the fund, Lynch increased the number of stock holdings to 1400 with total assets of $9 billion. Most amazingly, during this period the Magellan fund averaged a 29% annual return- while never having a down-year! So, how did he do it?

    As a fundamental analyst, Peter Lynch believes that while markets may not be completely "efficient" they sure aren't "random." In fact, by combining localized research (i.e. whose efficacy is due to an increasing trend in cultural homogenization), with analyzing financial statements, anyone can build a successful track record by choosing the right stocks just 60% of the time! Lynch approaches stock investing the same way that the MIT Blackjack Team approached Las Vegas: "To me, an investment is simply a gamble in which you've managed to tilt the odds in your favor...In fact, the stock market most reminds me of a stud poker game" (60). More specifically, Lynch employed a bottom-up strategy.

    To begin with, use your "local knowledge" to identify two to three businesses per/year as potential investment targets. Next, start researching those companies by looking up their financial statements. Look at the earnings growth trends. After all, earnings and stock price tend to move in tandem. Based on these growth rates categorize them into: (1) slow growers: 2-4% annual earnings growth; (2) stalwarts: 10-12% annual earnings growth; (3) fast growers: 20-25% annual earnings growth; (4) cyclicals; (5) turnarounds, and; (6) asset plays. Categorizing the businesses helps set profit expectations, as well as provide guidance on when to buy, hold, or sell.

    Related to earnings, only invest in those companies whose P/E is equal to or less than the earnings growth rate. To be even more exacting, combine earnings w/ dividends:

    {[Long-term growth rate + Dividend yield] / P/E ratio}

    We want to look at earnings not only on an absolute basis, but also relative to its industry peers. Once we've done this, next we want to evaluate how these earnings are being utilized, such as buying back shares, raising the dividend, developing new products, starting new operations, and/or making acquisitions. Sometimes earnings are retained within the company as "current assets" on the balance sheet. Lynch recommends adding together the cash and marketable securities portion of the current assets, subtract from it "long-term debt," and then divide that number by the number of shares outstanding to figure out the cash per/share:

    {[Cash + Marketable securities] / # of shares}

    So far, we have managed to identify a prospect, look at its financial statements, as well as those of its peers, and track down how those earnings are ultimately spent. Now that we've taken a snap-shot of the business, we can draw conclusions regarding how bright, or bleak, its future may be.

    So, what can a company do to increase its future earnings? Lynch writes, "There are five basic ways a company can increase earnings: reduce costs; raise prices; expand into new markets; sell more of its product in the old markets; or revitalize, close, or otherwise dispose of a losing operation" (169). Whichever avenue the business chooses, it may be somewhat constrained according to whether or not it is in the start-up, rapid expansion, or maturity phase.

    Corporate financing plays an important role as well. Lynch prefers debt-to-equity ratios heavily skewed toward equity, because too much debt can drown a company. Most importantly, buy stocks that Wall Street hasn't yet found; ones that have little analyst coverage, and little institutional ownership. Yet, even still, it takes Peter Lynch anywhere from 2-10 years before Wall Street catches-up and he earns that "ten-bagger." Not only should you learn to be patient, but you should also recheck the story every three months- look for changes in insider ownership. Finally, beware of "end-of-the-year" tax selling that takes place between October and December. Most importantly, have confidence that "...in the end, superior companies will succeed and mediocre companies will fail, and investors in each will be rewarded accordingly" (12). ...more info
  • how Lynch did it
    One up on Wall Street: How to Use What You Already Know To Make Money in the Market, Miniature Edition

    the book is just what you should be looking for if you're wanting to beat the Market year in and year out; all the key points are in one place for you at the end of the book....more info
  • excellent book
    Peter Lynch is truly a master investor, and this book provides great advice for someone interested in emulating his success. Very well written and packed with useful information....more info
  • Teaching From a Master
    (This is a review of the full-sized edition, not the ill-advised miniature that has garnered so much negative comment.)

    Why listen to Peter Lynch? He's one of the greatest stock market investors of all time. From 1977 to 1990, Lynch managed the Magellan mutual fund for Fidelity Investments. The fund's assets increased more than 2,700%.

    Is that a lot? It's like Barry Bonds hitting 200 home runs in a season. It's a staggering achievement, unlikely to ever be duplicated.

    There is a small industry of financial advice out there from people with no documented success. Lucky for us, Lynch decided to share his methods.

    One Up on Wall Street puts stock picking skill into the minds of everyday people. The book is written in a breezy, accessible style that non-financial types will appreciate. Lynch also gives a glimpse at his life at Fidelity during his tenure running Magellan.

    Stock picking is an art. Lynch delves into the intuitive side of investing. It's not all about financial statements and balance sheets, although he gives you a quick rundown of those too (Chapter 13: Some Famous Numbers). The book has more ideas per page than any of the several stock market books that I have read.

    Information overload can paralyze the mind of a stockpicker. If you're not a data type of person, stock research can make your head explode. Lynch spells out a way to find good investments without suffering brain damage.

    To use a food analogy, he doesn't give you a recipe, he teaches you how to cook.
    ...more info
  • 1 of 3 books you have to have
    There are 3 books any person who is new to investing in the stock market MUST have. This book, Benjamin Graham's The Intelligent Investor and Pat Dorsey's The 5 rules for successful stock investing. The insights these 3 books will give you are priceless and a MUST for anyone wanting to make money in the market. I am very happy to own all 3 and intend on passing them along to my son so he can learn how to best make his money work for him. Lynch goes through how to identify companies that may be of interest, then how to further analyze the prospects of making money by purchasing that company's stock, and then how to continue monitoring whether the stock is likely to head upward. Lynch places companies into 1 of 6 categories and gives you strategies for buying and selling companies that fall into each of the categories. As a fund manager who has proven his strategies are successful, his insight definitely carries some credibility. ...more info
  • A great lesson...
    Peter Lynch's book teaches a valuable lesson about value investing. It's a simple concept: buy what you know. A great starter book. ...more info
  • A must-have in your investment library
    I always recommend this book whenever someone ask me how to start investing in the stock market. Peter Lynch is obviously a very smart man but what impressed me the most was his writing style and sense of humor. This book was easy to read while being knowledgable at the same time. ...more info
  • Takes The Mystery Out of Stock Picking
    This is one of the classic stock market books that will never be outdated, because it "teaches you how to fish" (i.e. how to pick stocks), rather than "gives you fish" (i.e. stock picks)".

    Lynch shows you how to pick stocks by examining your every day life....more info
  • THE SMALLEST BOOK EVER
    This is a MINIATURE book. Literally. 3 inces x 3 inches, "95 pages" with 30 or 40 big words on each page. Ridiculous. I can't believe such a thing was manufactured. ...more info
  • An invaluable tool
    I have had Lynch's One Up On Wall Street for a while, but have only now gotten around to reading it. I am sure glad that I have. With many of the other investment books you are told a general how to, and then left with nothing. This isn't the case with Lynch, who takes the time to explain the benefit of the P/E, who takes the time to show you how to figure out the worth of a company, who takes the time to show you how to evaluate a company and understand it. With One Up On Wall Street I have an invaluable tool, one that will help the amateur learn how to assess the worth of a company and whether you should invest in it.

    With Lynch I have found a great book that explains investing in a general sense as well as a specific sense. I would whole heartedly recommend this book to anyone looking for investment help. Through One Up On Wall Street the amateur investor, and many a professional, could set themselves on a path towards making money in stocks. A definite recommend.
    ...more info
  • One Up On Wall Street
    A good read with much insight and valuable information presented. Good, common sense approach backed up with extensive experience. Peter Lynch is an honest author. ...more info
  • Excellent book for the beginning amateur investor
    Lynch does a great job introducing the world of stock investing. He writes in a very easy-to-read manner using lots of examples, and he always uses an encouraging and comforting tone, reassuring the reader that the reader as an amateur also has a spot in the investing world.

    The book is split into 3 basic sections - preparing to invest, picking winners, and the long-term view. The first part goes over why you should invest, why amateurs can have an edge over professionals, and some other basic concepts. The second portion covers how to actually find good companies and how to analyze them to make sure they're worth investing into. The last section wraps things up by talking about basic stock portfolio management and the importance of a long-term mindset.

    The book uses a lot of historical examples. Sometimes it feels like Lynch is showing off his experience and success, but the man has a fantastic Wall Street record - definitely something to brag about. He is also unafraid to talk about his mistakes, which is admirable and enlightening.

    While some of the specifics Lynch discusses (what's a "good" P/E of certain companies compared to the growth rate, for example) may be somewhat out of date, the general concepts in this book hold very true today. I recommend this book highly to anyone looking to invest in stocks - there are some great lessons to take away. The two that really stuck in my mind are:

    1. Amateur investors are not at a loss compared to professionals. In fact, amateurs are not constrained by many things that professionals may be bound to, such as fund restrictions, job security, etc. Amateurs can also spot potential future winners way before Wall Street can.

    2. Take your time to do the homework on a company before you buy its stock AND before you sell it. Make sure you can give a good 2-minute summary of why you want to buy a certain stock. Keep in mind - if there's any doubt, check in later. For example, you never want to buy a fast grower before it proves it can expand.

    Note that this book is only about stocks and how to find the "right" stocks. It covers bonds briefly (to convince the reader that stocks are a much better long-term investment), and it also has a very short chapter on futures, options, and shorting stock. However, Lynch quickly dismisses these three as overly risky speculative investment vehicles that don't contribute to the business world (i.e. money in the futures/options markets is not used by companies to expand operations - it just changes hands depending on who won the "bet"). Don't expect to learn much about these types of investment, as Lynch clearly dislikes them.

    In conclusion, if you are thinking about stock market investing or even if you already own stock, read this book. It's a quick and easy read, and you will, without doubt, get something useful out of it.

    Pros:
    + easy and relatively quick read
    + encourages the amateur investor to not be intimidated by professionals
    + Lynch presents his time-proven strategies in a very coherent manner, with lots of examples of things he did right AND things he did wrong
    + lots of useful advice that still holds true today

    Cons:
    - quick dismissal of stock shorting, options, and futures ...more info
  • Packed with Knowledge!
    This book has become a classic of personal investment literature for good reasons. For one thing, watching Lynch lampoon Wall Street and its cadre of institutional investors is rich fun. He is, perhaps, the foremost money manager in the U.S., thanks to the success of Fidelity's multibillion-dollar Magellan Fund. Lynch says that when E.F. Hutton speaks, the average investor ought to take a nap. Although this is an updated edition, most of the content dates to "pre-bubble" 1989. As such, it offers haunting warnings about stocks with inflated price-to-earnings ratios. Warning to novice investors: Lynch is a Wharton grad who's been in the market since his college days and, as such, he tends to see stocks as simple and straightforward. Like the "Oracle of Omaha," Warren Buffett, he's a quintessential value investor who looks for undervalued companies in nuts-and-bolts industries. The difference, as Lynch puts it, is that he buys those companies' stocks, while Buffett buys those companies. We strongly recommend this book to those who govern their own portfolios....more info
  • Disappointing
    The Kindle edition of Peter Lynch's One Up On Wall Street proved to be the abridged miniature edition. This was not clear when I ordered it. It is useless.
    Such is not what I expect from Amazon and would appreciate a refund since I bought this 2 by 2 inch 95 page hard cover edition in Amsterdam as a curiosity for one euro.
    = = =
    ...more info
  • Old but excellent material
    I give it 4 stars because it is not a new book and some material no longer applies, but overall it is an excellent book to read. Even some of the situations that Peter covers in this book apply to today's financial state of the economy.
    I am new on investing and found this book an excellent resource. Buy it!...more info
  • Best Investing book ever
    It should be a shame for you if you are an investor and have not read this book yet, you surely are losing money in the market! Lynch has a colloquial style, he also writes with no technical jargon, in plain English, so there is no excuse to not understand his investing philosophy. Give it a try and you will not be dissapointed.
    For the record, I am in no way involved with Lynch or its publishing company......more info
  • Miniature edition is over-abridged
    The main idea of "One up on Wall Street" is to beat the market by choosing a small portfolio of stocks of 3-10 companies that grow at a higher rate than the market average. The book doesn't cover mutual funds, index funds and exchange-traded funds, because the author claims that "if you don't think you can beat the market, then buy a mutual fund and save yourself a lot of extra work and money".

    The book encourages you to become an aggressive investor, who has a good understanding of financial markets; is comfortable with taking risks with their investments; is not concerned about short-term volatility (fluctuation in returns); and invests for the longer-term. This encouragement is done in a very friendly tone, it is easy to understand, and quite well explained (in the unabridged edition of this book).

    This miniature version of the book is a little bit "half-baked": the abridgements are not done properly. For example, pages 64-65 tell "in this section I add my two cents ...[about]... the pitfalls of gambling on options, futures", but there is nothing on options futures in the rest of this section - this information was "abridged".

    I would recommend the unabridged audio version in addition to this hardcover miniature edition.
    ...more info
  • Great start for the Amateur Investor
    This book is an excellent starting point for new individual investors, It gave me the basic fundation in investing principles, Great!...more info
  • Inspiring investment sermon from Peter Lynch's pulpit!!

    First of all, I don't expect the average reader to savor this book the way I did--no book I've read in the last five years has been this exciting to me. That being said, I think other reviewers have accurately pointed out his cynical wit and common sense way of looking at things. This is an investment book that's funny! "You want to invest in a company that's so simple to run, that any idiot can run it, because invariably someday any idiot will." Lynch also manages to poke fun of Yuppies, academia, smart people who overanalyze, people who lack common sense, and many others in a delightful way. The way he analyzes a company, financial information and statistics, etc., is written simply and in a way that your average Joe can understand. He seems to describe all the major statistics for a company and if they are important or not. He tells you how you can review easily accessible information and make a good decision on whether to buy a stock or not within two hours. There have been reviewers critizing Lynch for getting people excited and setting them up for failure. But Lynch readily addresses the fact that you will have failures and how to deal with them--he also goes into what type of person should be investing in stocks in the first place. He at some point states that people don't have a knack for picking stocks and should not trust their gut--They should look at the facts and make solid decisions. This is not a get-rich-quick scheme book--it contains essentially conservative advice. When talking about options, a dubious investment vehicle for all but a small percentage of professionals, he states "Some people get impatient with building wealth slowly and therefore decide to grow poor quickly." I had previously only invested in mutual funds, but am pretty convinced that I can now make successful stock purchases--granted, I have read several other investing and finance books in the past few months as Lynch advises. I am a 31 year old man and talked to a middle-aged friend of mine who has become very wealthy on a modest salary through investing and asked him to tell all his secrets on how he has done so well. He told me exactly what Lynch said. Buy a home, and invest in solid, long-term stocks. I think any reader will understand that some of the information is dated with respect to specific industries and trends--but I think this is easy to filter through. I'd also like to point out that this opens a way of making mundane experiences more satisfying. Now when I go to a store or hear about a company, I'm tempted to go online to the Wall Street Journal and look at its valuations. Now when I'm at a store, it is interesting to note what the people around me think of the store through their actions. It makes things fun that wouldn't otherwise be fun--granted, I'm someone who loves tracking numbers and statistics. One final bonus for me--it has allowed me to make some inroads with all the middle-aged men in my office--most of the people I work with are 10-25 years older than me. Just the other day someone said to me "I wish there was a Krispy Kreme in this building." I said "Well, it seems as though they may have hit rock bottom and be ready for some careful growth. Their stock went from "$5 to $50 a share and back down to $5 in the span of a year." He responded "and now it's back up to $8!" Lynch has given me extra credibility with Club Middle-Aged Man! One Up On Wall Street is a classic by Peter Lynch--a brilliant thinker whose common sense and disregard for the textbook served him well. Lynch truly makes picking stocks exciting--by the end of the book I almost wished I were a fund manager....more info
  • Must Read for any new Investor
    I've been looking for more information on how to invest into this stock market. This book was EXACTLY what I was looking for. Not only did it help me figure out what kinds of companies to keep my eye out for, it also gave me ways and formulas to check out to verify if the stock was a good buy or not. I highly recommend this book!...more info
  • classic

    It doesn't get better than lynch.

    Another one of graham's and buffet's late progeny, lynch certainly makes a strong case for value investing.

    There are probably 10 or 12 books every serious investor must own -- this is certainly one of them. ...more info
  • Ripoff DO NOT BUY THIS BOOK
    I should have noticed this is a "miniature" book. It's two inches wide, about 2 1/2 inches high, with wide margins and essentially no words. The entire "book" can fit on half of an ordinary sized page....more info
  • The most famous book from the legendary investor
    This was the book that catapuled individual investing. He teaches you how to beat the market just by keeping your eyes and ears open.

    Unfortunately, most investors don't follow his rules.

    A reread for those who have questions about their returns.

    This book is the Bible for investing! ...more info
  • nomad
    I find this book extremely valuable. The examples are out of date but the ideas are not. Most finance textbooks say that either markets are efficient and you can't find undervalued stocks, or to just use discounted cash flows to estimate the value of a firm. Well, these reasons are inadequate because they don't investors any practical information, probably causing mistakes. Peter Lynch gives practical guidelines for selecting a company. If you follow his guidelines you'll make fewer mistakes. I especially like his section on famous numbers. Finely an explanation for why the numbers are important. Most books just say things like, this is the debt ratio and you can compare it to the historical past, or to the industry. Peter Lynch provides a context for interpreting financial ratios. The other sections of the book are just as good. I find the most valuable information in the book from about chapter 7 to 13. ...more info
  • A Primer For Investing
    The ultimate book on introduction to investing. If you have one book on investing, this should be it....more info
  • Be careful when ordering this book!!!!
    I saw the other reviews too late, and only found out this is a mini book when it arrived. The book is a mini version, with huge text, and plenty of typos and gramatical errors. DO NOT BUY THIS BOOK! Especially not from Alphacraze...they do not return emails, and falsly advertise their product....more info
  • Kindle version is not the full version
    If you are looking for the complete version of One Up On Wall Street, do not purchase this item. You want the most recent paperback version. The kindle version is only a few dozen pages long- its a bullet point "cliff notes" version of the actual book....more info
  • MINIATURE BOOK - NOT FULL SIZE!
    Be careful, before purchasing this book, that you aren't ordering the minature version. You will be thoroughly disappointed when you receive 90 one inch pages with bullet points spouting lame motivation and cliched investing mantras instead of the 300 page, soft-cover, real Lynch book. Make sure you order the real book, or else you'll be stuck with a mini summary of the real thing (think of the mini books they have near the cash registers at book stores)....more info
  • Must Read.
    The author - Peter Lynch is one of the most successful portfolio managers/investors of all time. This well written, easy to read book, is like "Investing in the stock market 101".
    Lynch classifies companies as Slow Growers, Stalwarts, Fast Growers, Cyclicals, Asset Plays and Turn Arounds. He clearly defines each of them and their characteristics and then goes on to say how you should decide when to buy or sell them.
    This is a great book - my favourite. It is a great guide for any newbie. ...more info
  • Great foundations for investing!
    Peter Lynch offers a very simple philosophy to be a successful investor. A must read for wall street enthusiasts!...more info
  • Timeless
    As time goes by "One Up On Wall Street" by Peter Lynch is as current today as it was when it was released in the 1980s, for a multitude of reasons. It's an easy-read with a layman approach. This book is popular and old enough to have been "over-reviewed" so below are a few points not always noted.

    Obviously since this book was first released there have been technological changes and now there's the ability to use online trading accounts from home that didn't exist when this book was published in 1989. But this makes the info and advice even more relevant. People are largely on their own, today. The information in "One Up" is still helpful. The changes in rules and regulations seem minor since publication, such as the "uptick" rule on shorting. "One Up On Wall Street" is still very applicable for 2009 and beyond.

    Lynch points out that finding great companies is about picking solid companies that often have ugly names and/or in undesirable industries, such as the funeral business, garbage industry, or say, recycling grease. Why? Because people are less likely to find out about them and jump on the bandwagon and artificially drive the prices up. This is good or bad depending on when you get in (buy).

    This point by Lynch is even more relevant today because so many millions of people are using the markets for increasing net worth and planning for retiring. A good idea? That's another matter. But today, they're sitting in front of the financial TV shows with their computer on, buying, shorting, selling in an instant.

    Today, the mass public is constantly bombarded by financial market information. (How much of it is honest and accurate? Not much, in my opinion.) Constant exposure from the investing TV channels, radio shows, magazines, and websites. As soon as the public hears that "X" stock is a good buy in the media by some "guru" they click the mouse button on their computer from home and buy it. You have to beat *them* to the punch, for *you* to profit from it.

    Another reason why "One Up On Wall Street" is worthy is its timeless focus on recognizing signs of bubbles. There have always been bubbles, and there always will be. The sheep that follow the herd can be identified in the graphs and charts in the book. You can look at the numbers. We saw this, a decade later in the 1990s tech bubble, boom, and bust. And later in housing, recently. Prescient and accurate information can be found throughout this 1980s book.

    My favorite type of investment books are those that allow you to read the chapters in any order, when you want. You can do this with "One Up on Wall Street," and it focuses more on the qualitative points of companies, yet also notes how pertinent the financials and numbers are.

    Chapters:

    Introduction: The Advantages of Dumb Money

    Part I: Preparing to Invest

    1. The Making of a Stock picker
    2. The Wall Street Oxymorons
    3. is This Gambling, or What?
    4. Passing the Mirror Test
    5. is This a Good market? Please Don't Ask

    Part II: Picking Winners

    6. Stalking the Tenbagger
    7. I've Got it, I've Got it - What is it?
    8. The Perfect Stock, What a Deal!
    9. Stock I'd Avoid
    10 Earning, Earning, Earnings
    11The Two-Minutes Drill
    12 Getting the Facts
    13 Some Famous Numbers
    14 Rechecking the Story
    15 The Final Checklist

    Part III: the Long-term View

    16 Designing a Portfolio
    17 The Best Time to Buy and Sell
    18 The Twelve Silliest (and Most Dangerous) Things People Say....
    19 Options, Futures, and Shorts
    ...more info
  • Necessary read for any investor
    Peter Lynch tells about the strategies and types of companies he enjoys purchasing that allow him to beat the market. The book is an easy read but the information in the book is necessary for any investor to continue his education in stock investments....more info
  • Good start for investing basics
    Excellent primer for how to consider investments from a qualitative perspective, rather than the number crunching quantitive perspective put forth by so many other writers. Peter Lynch demonstrates how amateur investors can have an edge on Wall Street professionals through our day-to-day interactions with businesses. ...more info
  • Possibly all you need to know to invest professionally
    If you ever think about investing, this is the ONE book to read. This book pretty much captures the most important points that I learnt in business school and possibly all the things you need to know to start investing - and I know this based on my own experience.

    When Fidelity recruits new analysts, all of the candidates need to pass a test called P-test (prospectus test) where they are asked to analyse and come up with a buy/sell recommendation about a company after a few hours. I had to take this test when I applied for equity analyst position for Fidelity, with almost no knowledge about Finance except from basic finance course in business school and reading this book, and managed to pass and land the position (which I accepted), all by following the directions that he describes in the book.

    If I can land this position just by reading this one book, then I don't see why anyone can't. One thing that I realize after entering this industry is that all of us analysts are just normal human being, we're not blessed with special analytical skills or anything and any 'layperson' could always come up with the same analysis as we do.....more info