The Worst Thing You Can Do Is

The Typical Big Winner In The Lynch Portfolio Generally Takes Three To Ten Years To Play Out.

You Can't See The Future Through A Rearview Mirror

When People Discover They Are No Good At Baseball Or Hockey, They Put Away Their Bats And Their Skates And They Take Up Amateur Golf Or Stamp Collecting Or Gardening. But When People Discover They Are No Good At Picking Stocks, They Are Likely To Continue To Do It Anyway.

The Biggest Winners Are Surprises To Me, And Takeovers Are Even More Surprising. It Takes Years, Not Months, To Produce Big Results.

I Talk To Hundreds Of Companies A Year And Spend Hour After Hour In Heady Pow-wows With Ceos, Financial Analysts And My Colleagues In The Mutual-fund Business, But I Stumble Onto The Big Winners In Extracurricular Situations, The Same Way You Do.