When management owns stock, then rewarding the shareholders becomes a first priority, whereas when management simply collects a paycheck, then increasing salaries becomes a first priority.

Your investor's edge is not something you get from Wall Street experts. It's something you already have. You can outperform the experts if you use your edge by investing in companies or industries you already understand.

The typical big winner in the Lynch portfolio generally takes three to ten years to play out.

There is always something to worry about. Avoid weekend thinking and ignoring the latest dire predictions of the newscasters. Sell a stock because the company's fundamentals deteriorate, not because the sky is falling.

In the summer of 1990, I was buying stocks and I was probably three or four months early there. But we had a great rally in 1991.

Avoid hot stocks in hot industries.

Long shots almost always miss the mark.