One Up on Wall Street PDF Book by John Rothchild and Peter Lynch


Click here to Download One Up on Wall Street PDF Book by John Rothchild and Peter Lynch having PDF Size 11 MB and No of Pages 316.

My father, an industrious man and former mathematics professor who left academia to become the youngest senior auditor at John Hancock, got sick when I was seven and died of brain cancer when I was ten. This tragedy resulted in my mother’s having to go to work (at Ludlow Manufacturing, later acquired by Tyco Labs), and I decided to help out by getting a part-time job myself.

One Up on Wall Street PDF Book by John Rothchild and Peter Lynch

Name of Book One Up on Wall Street
Author John Rothchild and Peter Lynch
PDF Size 11 MB
No of Pages 316
Language English
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About Book – One Up on Wall Street PDF Book Download by John Rothchild and Peter Lynch

At the age of eleven I was hired as a caddy. That was on July 7, 1955, a day the Dow Jones fell from 467 to 460. To an eleven-year-old who’d already discovered golf, caddying was an ideal occupation. They paid me for walking around a golf course. In one afternoon I would outearn delivery boys who tossed newspapers onto lawns at six A.M. for seven days in a row.

What could be better than that? In high school I began to understand the subtler and more important advantages of caddying, especially at an exclusive club such as Brae Burn, outside of Boston. My clients were the presidents and CEOs of major corporations: Gillette, Polaroid, and more to the point, Fidelity. In helping D. George Sullivan find his ball, I was helping myself find a career.

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I’m not the only caddy who learned that the quickest route to the boardroom was through the locker room of a club like Brae Burn. One Up on Wall Street PDF Book Download If you wanted an education in stocks, the golf course was the next best thing to being on the floor of a major exchange. Especially after they’d sliced or hooked a drive, club members enthusiastically described their latest triumphant investment.

In a single round of play I might give out five golf tips and get back five stock tips in return. Though I had no funds to invest in stock tips, the happy stories I heard on the fairways made me rethink the family position that the stock market was a place to lose money. Many of my clients actually seemed to have made money in the stock market, and some of the positive evidence actually trickled down to me.

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A caddy quickly learns to sort his golfers into a caste system, beginning with the rare demigods (great golfer, great person, great tipper), moving down through the so-so golfers and so-so tippers, and eventually hitting bottom with the terrible golfer, terrible person, terrible tipper—a dreaded untouchable of the links.

Mostly I caddied for average golfers and average spenders, but if it came down to a choice between a bad round with a big tipper, or a great round with a bad tipper, I learned to opt for the former. One Up on Wall Street PDF Book Download Caddying reinforced the notion that it helps to have money. I continued to caddy throughout high school and into Boston College, where the Francis Ouimet Caddy Scholarship helped pay the bills.

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In college, except for the obligatory courses, I avoided science, math, and accounting—all the normal preparations for business. I was on the arts side of school, and along with the usual history, psychology, and political science, I also studied metaphysics, epistemology, logic, religion, and the philosophy of the ancient Greeks.

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. Investing in stocks is an art, not a science, and people who’ve been trained to rigidly quantify everything have a big disadvantage. One Up on Wall Street PDF Book If stockpicking could be quantified, you could rent time on the nearest Cray computer and make a fortune.

But it doesn’t work that way. All the math you need in the stock market (Chrysler’s got $1 billion in cash, $500 million in long-term debt, etc.) you get in the fourth grade. Logic is the subject that’s helped me the most in picking stocks, if only because it taught me to identify the peculiar illogic of Wall Street. Actually Wall Street thinks just as the Greeks did.

The early Greeks used to sit around for days and debate how many teeth a horse has. They thought they could figure it out by just sitting there, instead of checking the horse. A lot of investors sit around and debate whether a stock is going up, as if the financial muse will give them the answer, instead of checking the company.

In centuries past, people hearing the rooster crow as the sun came up decided that the crowing caused the sunrise. One Up on Wall Street PDF Book It sounds silly now, but every day the experts confuse cause and effect on Wall Street in offering some new explanation for why the market goes up: hemlines are up, a certain conference wins the Super Bowl, the Japanese are unhappy, a trendline has been broken, Republicans will win the election, stocks are “oversold,” etc.

When I hear theories like these, I always remember the rooster. In 1963, my sophomore year in college, I bought my first stock—Flying Tiger Airlines for $7 a share. Between the caddying and a scholarship I’d covered my tuition, living at home reduced my other expenses, and I had already upgraded myself from an $85 car to a $150 car. After all the tips that I’d had to ignore, I finally was rich enough to invest! Flying Tiger was no wild guess.

I picked it on the basis of some dogged research into a faulty premise. In one of my classes I’d read an article on the promising future of air freight, and it said that Flying Tiger was an air freight company. That’s why I bought the stock, but that’s not why the stock went up. It went up because we got into the Vietnam War and Flying Tiger made a fortune shunting troops and cargo in and out of the Pacific.

In less than two years Flying Tiger hit $32¾ and I had my first five-bagger. Little by little I sold it off to pay for graduate school. I went to Wharton on a partial Flying Tiger scholarship. One Up on Wall Street PDF If your first stock is as important to your future in finance as your first love is to your future in romance, then the Flying Tiger pick was a very lucky thing.

It proved to me that the bigbaggers existed, and I was sure there were more of them from where this one had come. During my senior year at Boston College I applied for a summer job at Fidelity, at the suggestion of Mr. Sullivan, the president—the hapless golfer, great guy, and good tipper for whom I’d caddied. Fidelity was the New York Yacht Club, the Augusta National, the Carnegie Hall, and the Kentucky Derby.

It was the Cluny of investment houses, and like that great medieval abbey to which monks were flattered to be called, what devotee of balance sheets didn’t dream of working here? There were one hundred applications for three summer positions. Fidelity had done such a good job selling America on mutual funds that even my mother was putting $100 a month into Fidelity Capital.

That fund, run by Gerry Tsai, was one of the two famous go-go funds of this famous go-go era. The other was Fidelity Trend, run by Edward C. Johnson III, also known as Ned. One Up on Wall Street PDF Ned Johnson was the son of the fabled Edward C. Johnson II, also known as Mister Johnson, who founded the company. Ned Johnson’s Fidelity Trend and Gerry Tsai’s Fidelity Capital outperformed the competition by a big margin and were the envy of the industry over the period from 1958 to 1965.

With these sorts of people training and supporting me, I felt as if I understood what Isaac Newton was talking about when he said: “If I have seen further…it is by standing upon the shoulders of Giants.” Long before Ned’s great successes, his father, Mister Johnson, had changed America’s mind about investing in stocks. Mister Johnson believed that you invest in stocks not to preserve capital, but to make money.

Then you take your profits and invest in more stocks, and make even more money. “Stocks you trade, it’s wives you’re stuck with,” said the always quotable Mister Johnson. He wouldn’t have won any awards from Ms. magazine. I was thrilled to be hired at Fidelity, and also to be installed in Gerry Tsai’s old office, after Tsai had departed for the Manhattan Fund in New York. Of course the Dow Jones industrials, at 925 when I reported for work the first week of May, 1966, had fallen below 800 by the time I headed off to graduate school in September, just as the Lynch Law would have predicted.

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