We talked to legendary investor Peter Lynch, Vice Chairman of Fidelity Management & Research, about stock picking, investment regrets, and his famous 'buy what you know' slogan.
"Apple was not that hard to understand. I mean, how dumb was I?" Lynch, vice chairman of Fidelity Management & Research, said on CNBC's "." Apple has a "nice balance sheet. I should have done some work on Apple ... it's not a complicated company."
Lynch recounted how his daughter had bought an iPod for $250 at the time and how he recalled thinking Apple was making a high margin on it. Yet he didn't buy the stock.Peter Lynch , vice chairman of Fidelity Management and Research Co Lynch, 79, acknowledged that Warren Buffett saw Apple's potential and capitalized on it. The "Oracle of Omaha" had shied away from tech stocks for decades, claiming they were outside of his expertise. But under the influence of his investing lieutenants, he bought into Apple in 2016 and made it his single biggest holding in his portfolio.
The outstanding record made Lynch a renowned figure on Wall Street, who later wrote investment books including "One Up on Wall Street."
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