So I bought One Up On Wall Street book by the famous Peter Lynch years ago and re-read it for the umpteenth time just recently. I think it always pays to re-read your investing books every year or two because you always have a different perspective the next time from what you have learned in between.

The book focuses primarily on how to find companies early before they are covered by analysts or owned by industrial funds and make ten-baggers from them. (1000% percent return).

Without writing a large summary on the book, (just buy the book!) the general gist is that your everyday Joe can do this with your own common sense decisions, being aware of your surroundings and not necessarily following the professionals all the time. It is an easy read and the tone of the book is very light-hearted.

Here are some of things that I have learned from this book and that everyone who wants to invest well should take on board:

• Don't buy a company just because a fund manager you follow is buying
• Look to invest in something that sounds really boring and dull
• Don't buy a company just because you like the products
• Beware of hot stocks in a popular industry
• Invest in companies where people have to keep buying the products
• Most people should buy a house before they buy any stocks
• Fill out a checklist before buying a stock and recheck the story behind the stock often

And so on...

Part 2, Chapter 8 is brilliant reading on what to think about when stock picking and there is just as equally brilliant reading on how to think about selling. Like Warren Buffet, he is very forthcoming on opportunities missed and mistakes made. Very insightful.

Although the notion of getting 25-baggers or 40-baggers may be possible in America, I think that in Australia the everyday Joe might be struggling to pick up a 40-bagger on a regular basis.

So what did you learn or like about the book or what did you dislike or disagree with?

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