Peter Lynch - 25 years later: Lesson revised

http://www.wsj.com/articles/peter-lynch-25-years-later-its-not-just-invest-in-what-you-know-1449459844

A nice "where is he now" Wall Street Journal article on the man who became for many in the 80's the symbol for successful every-person investing. Unfortunately, as often happens with words from the great, they were twisted into bad advice. His "investing in what you know" was never a substitute for in-depth research and analysis. Instead, it acknowledged the fact that someone working in an industry is likely to know the upcoming players in that industry before a generalist like Mr. Lynch.

That said, there are two ideas to draw from this article: one a warning, another an echo. The warning is that putting significant money into one's own industry raises tremendous risks when the entire industry is pummeled - ask anyone currently oil and gas exploration as both commodities plummet in price. Discerning and investing in the best boat doesn't help when the fleet is hit by a tsunami.

The echo is that even in retirement, "... Mr. Lynch spends time calling companies, listening to earnings calls and reading transcripts." Just like we do at GPM.