YAPSSCollection: Peter Lynch - #3 'Hold Your Great Stocks'
[Transcript]
INTERVIEWER 00:00
Now a lot of people when they’re lucky enough or smart enough to get a company that’s going up they then – they take their profits.
PETER LYNCH 00:05
Right.
INTERVIEWER 00:06
And you made the case in a book that you should actually hang in there with the really great stocks and you even got a call from Warren Buffett as a result.
PETER LYNCH 00:12
In 1989 I’m at home, the phone rings and those weren’t my friends but one of my daughters, six-year-old Annie picked up and said, “there’s a Mr. Buffett online”. I said "that’s got be a joke."
I picked it up and this is Warren Buffett from Omaha, Nebraska. I read your book my annual report is going to use (one of your) lines, can I use your line? He said it all about seven seconds and I said that’s great, I’d love to do it, what’s the line?
He said I love this it’s been waiting to do this. When you sell your great companies and add to the losers it’s like watering the weeds and cutting the flowers. He said I want to put it in.
He said if you ever come to Nebraska you don’t call me, you’ll be [inaudible] all over Nebraska.
INTERVIEWER 00:50
So, did you call him?
PETER LYNCH 00:51
Oh yeah, several times we play bridge together. We’ve had several meetings. Great guy.
(Source: https://video.foxbusiness.com/v/6117461044001/#sp=show-clips)
[YAPSS Takeaway]
When you sell your great companies and add to the losers it’s like watering the weeds and cutting the flowers.