This book has become a classic of personal investment literature for good reasons. For one thing, watching Lynch lampoon Wall Street and its cadre of institutional investors is rich fun. He is, perhaps, the foremost money manager in the U.S., thanks to the success of Fidelity's multibillion-dollar Magellan Fund. Lynch says that when E.F. Hutton speaks, the average investor ought to take a nap. Although this is an updated edition, most of the content dates to "pre-bubble" 1989. As such, it offers haunting warnings about stocks with inflated price-to-earnings ratios. Warning to novice investors: Lynch is a Wharton grad who's been in the market since his college days and, as such, he tends to see stocks as simple and straightforward. Like the "Oracle of Omaha," Warren Buffett, he's a quintessential value investor who looks for undervalued companies in nuts-and-bolts industries. The difference, as Lynch puts it, is that he buys those companies' stocks, while Buffett buys those companies. We strongly recommend this book to those who govern their own portfolios.