One Up on Wall Street

By Peter Lynch with John Rothchild

“In the first stage of an upward market—one that has been down awhile and that nobody expects to rise again—people aren’t talking about stocks. In fact, if they lumber up to ask me what I do for a living, and I answer, “I manage an equity mutual fund,” they nod politely and wander away. If they don’t wander away, then they quickly change the subject to the Celtics game, the upcoming elections, or the weather. Soon they are talking to a nearby dentist about plaque. When ten people would rather talk to a dentist about plaque than to the manager of an equity mutual fund about stocks, it’s likely that the market is about to turn up.

In stage two, after I’ve confessed what I do for a living, the new acquaintances linger a bit longer—perhaps long enough to tell me how risky the stock market is—before they move over to talk to the dentist. The cocktail party talk is still more about plaque than about stocks. The market’s up 15 percent from stage one, but few are paying attention.

In stage three, with the market up 30 percent from stage one, a crowd of interested parties ignores the dentist and circles around me all evening. A succession of enthusiastic individuals takes me aside to ask what stocks they should buy. Even the dentist is asking me what stocks he should buy. Everybody at the party has put money into one issue or another, and they’re all discussing what’s happened.

In stage four, once again they’re crowded around me—but this time it’s to tell me what stocks I should buy. Even the dentist has three or four tips, and in the next few days I look up his recommendations in the newspaper and they’ve all gone up. When the neighbors tell me what to buy and then I wish I had taken their advice, it’s a sure sign that the market has reached a top and is due for a tumble.”

Some Palermo Manifesta 12 Venues

Although I spent 5 nights in Palermo this past June, I ended up having only 1.5 days to see Manifesta 12, which allowed me just enough time to visit the palazzo venues in the Kalsa district but little else. At the end, I decided to just buy OMA’s Palermo Atlas (comprehensive and highly recommended) instead of trying to make another attempt (first attempt when it was closed and raining on a Monday) at viewing Orto Botanico di Palermo which may have been a mistake.

Only open during the first couple of weekends at the beginning of the biennial in June – State Archives of Palermo (Gancia) with video installation Protocol no. 90/6 by Masbedo in homage to Vittorio De Seta


Palazzo Forcella De SetaDSC00501


Patricia Kaersenhout The Soul of Salt, 2016

Palazzo Butera