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
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.
So, did you call him?
PETER LYNCH 00:51
Oh yeah, several times we play bridge together. We’ve had several meetings. Great guy.
When you sell your great companies and add to the losers it’s like watering the weeds and cutting the flowers.