Can one make the same argument about van Wagoner Emerging Growth Fund?
I would say, unequivocally, people that are buying Garrett van Wagoner’s fund don’t have the faintest idea what he does. All they know is he’s been spectacular at makin’ money, produced monstrously large returns, been very few set-backs, and they want to own some. They, too, want to get rich. They say to themselves, “Gosh, if I’d have put one dollar in this back then, I’d have X number of dollars today.” So people are buying things for one reason, and one reason only, because they’ve been going up, they think it will continue, they want to get rich. What Peter Lynch basically advocated was that you, as an investor, any person in the country, had the ability to be a successful investor by simply noticing what was going on around them. Everybody is good at something. Everybody knows a little bit more than someone else about something. What he advocated that you do is, capitalize on that. If you’re in the airline business, some business that relates to that, that you can do well at. Do th
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