Peter Lynch was famously quoted as saying, "Invest in what you know." This and other pearls of wisdom from the legendary head of Fidelity's Magellan Fund became a battle cry for retail investors everywhere. I used to think I was above such simplicity, but after a few recent humbling investments, I am taking heed.
Some readers may remember my first writings were about the payment processing industry and specifically LML Payment Systems, a company that would eventually be acquired by Digital River (NASDAQ:DRIV) in late 2012 for a nearly 100% premium. I put a lot of work into researching the industry, talking with executives, and getting a sense of valuations and growth trends. But after LML was acquired,...
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