Peter Lynch (PL) adalah legenda portofolio manager Amerika. Selama mengelola Fidelity Magellan Fund, Mei 1977 s.d Mei 1990, PL membawa reksadana ini menjadi yang terbaik di dunia, dengan dana kelolaan USD 9 miliar menjadi reksadana terbesar di USA, dengan performa mengalahkan 98% reksadana lainnya pada masa itu. (Kini, per 27 Aug 2016, total aset kelolaan Fidelity telah mencapai nilai USD 2.1 triliun, peringkat 4 dunia.)
Tentang analisis fundamental:
"I own stocks where results depend on ancient fundamentals; a successful company enters new markets, its earnings rise, and the share price follows along. Or a flawed company turns itself around. The typical big winner in the Lynch portfolio (I continue to pick my share of losers, too) generally takes three to ten years or more to play out."
Tentang pentingnya earning:
"To my mind, the stock price is the least useful information you can track, and it's the most widely tracked...
What Mr. Market pays for a stock today or next week doesn't tell you which company has the best chance to succeed two or three years down the information superhighway. If you can follow only one bit of data, follow the earnings..."
"Never invest in any company before you've done the homework on the company's earnings prospects, financial condition, competitive position, plans for expansion, and so forth."
Tentang loss, pentingnya portfolio, dan saham pemenang:
(Perhatikan bahwa seorang fund manager legendaris pun pernah rugi dan salah pilih saham)
"My clunkers remind me of an important point: You don't need to make money on every stock you pick. In my experience, six out of ten winners in a portfolio can produce a satisfying result.
Why is this? Your losses are limited to the amount you invest in each stock (it can't go lower than zero), while your gains have no absolute limit...
All you need for a lifetime of successful investing is a few big winners, and the pluses from those will overwhelm the minuses from the stocks that don't work out."
Tentang volatilitas pasar saham:
"Whatever the cause (I see day traders as a major factor), frequent trading has made the stock markets more volatile. A decade ago stock prices moving up or down more than 1% in a single trading session was a rare occurrence. At present we get 1% moves several times a month."
Tentang pentingnya "tenbagger" (saham yang naik 10 kali) dalam portofolio:
"In Wall Street parlance a "tenbagger" is a stock in which you've made ten times your money...
In the last decade the occasional five- and tenbagger, and the rarer twentybagger, has helped my fund outgain the competition - and I own 1,400 stocks. In a small portfolio even one of these remarkable performers can transform a lot cause into a profitable one. It's amazing how this works."
Tentang saham blue-chip kapitalisasi besar:
"The size of a company has a great deal to do with what you can expect to get out of the stock...
...big companies don't have big stock moves. In certain markets they perform well, but you will get your biggest moves in smaller companies...
You don't buy stock in a giant such as Coca-Cola expecting to quadruple your money in two years. If you buy Coca-Cola at the right price, you might triple your money in six years, but you're not going to hit the jackpot in two."
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