Part biography and part tutorial, it is considered a classic by everyone in the investment community. Stick around, pal, I've still got a lot to teach you.This is Peter Lynch's first book.
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Now, you're not naive enough to think we're living in a democracy, are you, Buddy? It's the free market. We pick that rabbit out of the hat while everybody sits out there wondering how the hell we did it. The news, war, peace, famine, upheaval, the price per paper clip. You got ninety percent of the American public out there with little or no net worth. One third of that comes from hard work, two thirds comes from inheritance, interest on interest accumulating to widows and idiot sons – and what I do, stock and real estate speculation. The richest one percent of this country owns half our country's wealth, five trillion dollars. The illusion has become real, and the more real it becomes, the more desperately they want it.
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This painting here? I bought it ten years ago for sixty thousand dollars. Money itself isn't lost or made, it's simply transferred – from one perception to another.
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It's a Zero Sum game – somebody wins, somebody loses. Tell me, Gordon, when does it all end, huh? How many yachts can you water-ski behind? How much is enough?
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Note: The bolded portion is ranked #57 in the American Film Institute's list of the top 100 movie quotations in American cinema. And greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA.
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Greed, in all of its forms: greed for life, for money, for love, knowledge, has marked the upward surge of mankind. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit. I am a liberator of them! The point is, ladies and gentlemen, that greed, for lack of a better word, is good. In the last seven deals that I've been involved with, there were 2.5 million stockholders who have made a pre-tax profit of 12 billion dollars. Well, in my book, you either do it right or you get eliminated. The new law of evolution in corporate America seems to be survival of the unfittest. One thing I do know is that our paper company lost 110 million dollars last year, and I'll bet that half of that was spent in all the paperwork going back and forth between all these vice presidents. Now, I have spent the last two months analyzing what all these guys do, and I still can't figure it out. Cromwell, Teldar Paper has 33 different vice presidents each earning over 200 thousand dollars a year. This is an outrage! You're out of line Gekko! And you are all being royally screwed over by these, these bureaucrats, with their, their steak lunches, their hunting and fishing trips, their, their corporate jets and golden parachutes. Cromwell put his million-dollar salary? Not in Teldar stock. Today, management has no stake in the company! All together, these men sitting up here own less than three percent of the company. The Carnegies, the Mellons, the men that built this great industrial empire, made sure of it because it was their money at stake. Now, in the days of the free market, when our country was a top industrial power, there was accountability to the stockholder. Its trade deficit and its fiscal deficit are at nightmare proportions. America, America has become a second-rate power. Well, ladies and gentlemen we're not here to indulge in fantasy but in political and economic reality. Cromwell as the single largest shareholder in Teldar Paper, to speak. Well, I appreciate the opportunity you're giving me Mr. But I happen to want the company, and I want your block of shares. I could dump the stock just to burn your arse. I could break you, mate, in two pieces over my knees. We're talking about lives and jobs, three and four generations of steelworkers.Ĭorrect me if I'm wrong, but when you acquired CNX Electronics you laid off, what, 6000 workers? Jemson Fruit, 4000? That airline you bought … I'm not the only one who pays here, Gordon.
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With the dollars you're costing me to buy back the stock, I could modernize the plant. You're getting a free ride on my tail, mate. This time, I'm in for the long term it's not a liquidation. I thought it'd be a good investment for my kid. Rarer still is your interest in Anacott Steel. Only six of them were ever manufactured.Ĭongratulations.