如何应对市场波动？彼得·林奇罕见露面：如果你不懂自己买的公司，一旦下跌就会慌，那就别买……

Core Insights - Peter Lynch, a legendary fund manager, achieved an annualized return of 29.2% while managing the Fidelity Magellan Fund from 1977 to 1990, growing it from $18 million to $14 billion [5][6]. - Lynch emphasizes the importance of understanding what one is buying and suggests that investors should write down their reasons for purchasing a stock before buying it [7][10]. - He warns that the real danger in investing is not market volatility but being scared away by it, noting that the average stock on the NYSE experiences a 100% annual volatility [8][9]. Investment Philosophy - Lynch's key investment principle is to know what one is buying; if an investor cannot explain their investment to an 11-year-old in a minute, they should not buy it [10][81]. - He believes that successful investing is not about predicting the future but understanding the present and relying on diligence, common sense, and real-world observation [13][110]. - Lynch advises investors to write a script before buying stocks, detailing why they are buying and why the stock is undervalued [84][91]. Market Insights - Lynch acknowledges the current high valuations in the market, with the S&P 500 trading at a 22x P/E ratio, which he does not consider catastrophic [11]. - He expresses skepticism about the AI hype, stating he has not invested in any AI stocks and only recently learned how to pronounce "Nvidia" [10][161]. - Lynch reflects on the market's tendency to overlook companies that are undervalued or in distress but have potential for recovery, suggesting that these can be lucrative investment opportunities [170][171]. Personal Experience and Lessons - Lynch shares his journey from being a caddy to becoming a successful analyst at Fidelity, highlighting the importance of real-world experience in understanding investments [32][39]. - He recounts the pressure of managing funds for many American families and how he navigated market downturns by maintaining confidence in his investments [22][24]. - Lynch emphasizes that ordinary investors can succeed by applying diligence and common sense, rather than relying solely on complex models or predictions [172][174].