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Strategies & Market Trends : Bob Brinker: Market Savant & Radio Host
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To: marc ultra who wrote (2644)1/7/1998 5:36:00 PM
From: sea_biscuit  Read Replies (1) of 42834
 
Re: the "buy what you know" stuff popularized by Peter Lynch, this is what Diana Henriques (author of "Fidelity's World") has to say. The same could apply to the fools' followers too. This is from an interview Ms. Henriques gave to PBS TV :

Peter Lynch is remarkable. He has established
a place in the public mind that is rare in
mutual fund history. Only one or two people have
ever done it before him. And he has become an
icon for personal investing through mutual funds
in the way that has never occurred before, even
with prior fund celebrities. But it's very much a
two-edged sword. Peter Lynch is a genial, open,
reassuring person, but he has the flaws of his
virtues. He is in some way almost the opiate of
the masses. A good dose of Peter Lynch and you
feel empowered. The stock market looks easy.
Investing looks fun. [emphasis mine -- Dipy] Mutual funds look like a
sure thing. He doesn't worry about risk, so you
don't worry about risk. He's had a remarkable
impact on how the average American consumer
thinks about the market, thinks about stocks,
thinks about mutual funds. And although they were
empowering, they were not healthy. They were not
the whole picture. They were not a very balanced
picture. He was, in many ways, a one-trick pony.
He was a bull market investor. He ran a great
bull market fund through a great bull market. He
doesn't have much of a track record as a bear
market investor. So if we hit a bear market, his
lessons are going to be lost for us.
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