Peter Lynch: It’s Not Just 'Invest In What You Know'

Peter Lynch, 25 Years Later: It’s Not Just 'Invest In What You Know' via Chana R. Schoenberger, The Wall Street Journal

The onetime mutual-fund rock star says the famous advice isn’t quite so simple

Peter Lynch wants you to know that his ideas are being misquoted widely.

“I’ve never said, ‘If you go to a mall, see a Starbucks and say it’s good coffee, you should call Fidelity brokerage and buy the stock,’ ” Mr. Lynch says, some 25 years after his retirement from running Magellan Fund was front-page news.

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The best way to invest is to look at companies competing in the field where you work. Someone with deep restaurant-industry experience would have predicted the success of Panera Bread Co. and...