The Long-term View - Summary

以下是這部份的一些扼要；
1. Market declines are great opportunities to buy stocks in companies you like.
2. Try to predict the direction of the market over one or two years is impossible.
3. The biggest winners are surprises (Lynch 也不能準確知道那間公司股價增長最快，所以要分散投資)
4. You can make serious money be compounding a series of 20-30 percent gains in stalwarts
5. Stalwarts with heavy institutional ownership and lots of Wall Street coverage that have outperformed the market and are overpriced are due for a rest or a decline.
6. Selling an outstanding fast grower because its stock seems slightly overpriced is a losing technique.
7. Don't become so attached to a winner that complacency sets in and you stop monitoring the story.
8. By careful pruning and rotation based on fundamentals, you can improve your results. When stocks are out of line with reality and better alternatives exist, sell them and switch into something else.
9. When favorable cards turn up, add your bet, and vice versa. (favorable card 應是指 story line, fundaments 而不是股價)
10. You don't have to "kiss all the girls." (Lynch 也會錯失機會，但他的投資組合也有十分好的成績)