《前线》第1506期“押注市场”——彼得·林奇播出片段（摘录）
彼得·林奇
（富达管理与研究公司副总裁）：嗯，我不确定其他人都在干什么，卢，但我自己一直在尽最大努力拼命工作。我每年走访超过 200 家公司。
彼得·林奇：嗯，好……就在我们眼前这边，是一家肯德基，老上校头像那个。我记得在 60 年代初、中期，我刚进富达的时候，这是最有魅力的股票之一。我是说，它比网景还劲爆。比微软还劲爆。就是它。比微处理器什么的都强。然后，紧挨着它的，是我心目中所有时代最棒的公司之一，唐恩都乐。神奇的公司。咖啡做得棒极了，而且他们用瓷杯端上来。不用那种蹩脚的纸杯。如果有人发明了一种新的逻辑芯片，我压根儿不会知道。但没人能发明出比这更好的甜甜圈。
彼得·林奇：这就好比是纽约证券交易所，就是这儿，明白吗？看看这边，锐步专卖店（Athlete's Foot）。我是说，这儿……这儿给公众提供了一个机会，如果他们了解耐克……他们的股价涨到了 100 多。这儿是我……我这辈子仓位最重的股票之一，塔可钟，就在这儿。这边是肉桂卷店（Cinnabon）。我很想研究研究，要是它上市的话。
彼得·林奇：请给我一个肉桂卷。
彼得·林奇：我是说，我宁愿要这个，也不要什么逻辑芯片。
彼得·林奇：嗯，乔，这是我基金史上最厉害的一只股票。1982 年，它是我基金里最大的头寸，在麦哲伦基金里。所有人都觉得我疯了。
彼得·林奇：嗯，如果你在 1977 年 5 月 31 日，也就是我离职那天，往麦哲伦基金投了 1000 美元，到 13 年后的 1990 年 5 月 31 日，那 1000 美元会变成 28000 美元。
彼得·林奇：是啊，那是……
彼得·林奇：是啊，我……我很高兴。
彼得·林奇：嗯，我对 1987 年的崩盘准备得非常充分。我……我和我太太休了我们八年来的第一次假，我们在 10 月份的一个星期四出发，那天……我记得那天股市跌了 55 点。我们去了爱尔兰，那是我们第一次去。然后到了星期五，因为时差，我们那天差不多过完了，我打电话回去，股市又跌了 115 点。我跟卡洛琳说，“要是星期一股市再跌，我们最好回家。”星期一跌了 508 点，所以我回家了。就两个交易日，我的基金蒸发了三分之一。
彼得·林奇：绝对。绝对。绝对。
彼得·林奇：没错。我们确实……你知道，这是公开信息。我们占纽约证券交易所交易量的 5% 到 7%。
彼得·林奇：就在这间屋子，这里。
彼得·林奇：你说对了，就是这些人。
彼得·林奇：我最好的股票，都是在买入后的第三年才真正发力……不是第三周，也不是第三个月，而是第三年、第四年。人们总希望一两个星期内就见效。但现实不是这样。
彼得·林奇：还想了解更多？FRONTLINE 在线版，网址是 www.pbs.org，内容比电视广播更深入。你可以向顶级专业人士提出你自己的投资问题。
彼得·林奇：听听他们的智慧，关于熊市是否会出现，以及何时会出现。
PETER LYNCH , Vice President, Fidelity Management & Research Co.: Well, I'm not sure what the other people were doing, Lou, but what I've tried to do is I've worked as hard as I could. I've visited over 200 companies every year. PETER LYNCH: Well, right... right over here we have a Kentucky Fried Chicken, the old colonel. I remember in the early, mid-'60s, when I started at Fidelity, this was one of the single most exciting stocks. I mean, it was more exciting than Netscape. It was more exciting than Microsoft. It was it. It was better than a microprocessor or anything. And then, right next to it, we have one of my great companies of all time, Dunkin' Donuts. Amazing company. Made great coffee and they put it in a china cup. They didn't serve it in a crummy paper cup. If somebody invents a new logic chip, I'm not going to know about it. No one's every going to invent a better donut. PETER LYNCH: This is like the New York Stock Exchange, right here, you know? Look at over here to Athlete's Foot. I mean, here's... here's a chance for the public, if they knew something about Nike... their stock went to over 100. Here's my... one of my biggest stocks in my life, Taco Bell, right over here. And here's Cinnabon. I like to research that if that went public. PETER LYNCH: One Cinnabon, please. PETER LYNCH: I mean I'd rather have this than a logic chip. PETER LYNCH: Well, Joe, this is my greatest stock ever for the fund. This was the largest position in my fund, in Magellan, in 1982, and everybody thought I was crazy. PETER LYNCH: Well, if somebody had invested $1,000 in Magellan on May 31st, 1977, the day I left, that $1,000 would have been $28,000, May 31st, 13 years later, 1990. PETER LYNCH: Yeah, that was... PETER LYNCH: Yeah, I was... I was happy. PETER LYNCH: Well, I was very well prepared for the crash of 1987. I... my wife and I took our first vacation in eight years and we left on Thursday in October and the day... I think that day the market went down 55 points. And we went to Ireland, first trip we'd ever been there. And then on Friday, because of the time difference, we'd almost completed the day and I called and the market was down 115. And I said to Carolyn, "If the market goes down on Monday, we better go home." It went down 508 on Monday, so I went home. So in two business days, I had lost a third of my fund. PETER LYNCH: Absolutely. Absolutely. Absolutely. PETER LYNCH: Absolutely. We do... you know, it's public information. We do between 5 and 7 percent of the trading on the New York Stock Exchange. PETER LYNCH: This room, right over here. PETER LYNCH: You got it, these people. PETER LYNCH: My best stocks have been the third year I bought them... not the third week, not the third month, the third, fourth year. People want something to happen in a week, in two weeks. It doesn't work that way. PETER LYNCH: Still interested? FRONTLINE online at www.pbs.org goes beyond the broadcast. Ask top professionals your own investment questions. PETER LYNCH: Get their wisdom on whether or when a bear market is coming. PETER LYNCH