andy serwer

Editor at Large, Barron's.

Not everything that can be counted counts and not everything that counts can be counted. West coast jazz. East coast rap.

[andy serwer @serwer]

ALWAYS a fav. Thanks @Pras_S

[Pras Subramanian @Pras_S]

@serwer when the pressure gets to Tommy - https://t.co/Vkvjz1uosc

[andy serwer @serwer]

My Satruday story. Thanks @rhsabat America Is Exceptional, All Right. Can It Stay That Way? https://t.co/puYpbqwwTe via @BarronsOnline

[andy serwer @serwer]

And most of ‘em big stocks too.

[Josh Schafer @_JoshSchafer]

Quite a few S&P 500 stocks having their best quarter on record.

[andy serwer @serwer]

Old School dude, new fangled finance. My Saturday story. Thanks @rhsabat There’s Big Money to Be Made in European Real Estate https://t.co/giy5tmSTzP via @BarronsOnline

[andy serwer @serwer]

The real story! Kudos @ungarino !
Once JPMorgan’s Top Trader, He’s Now a Favorite to Succeed Jamie Dimon as CEO https://t.co/RefCqElmYf via @BarronsOnline

[andy serwer @serwer]

My Saturday story Thanks @dimensional @UofC @rhsabat Fischer Black loved a 24-hour diner on the edge of San Francisco’s Tenderloin called Pam Pam... Secrets of the Trillion-Dollar Index Kings of Chicago https://t.co/5Dy1SC1d3d via @BarronsOnline

[andy serwer @serwer]

Team: "The Knicks became the first champion in 22 seasons not to have a single player who has EVER been first-team All-NBA..." https://t.co/xAKXxYVSPL

[andy serwer @serwer]

.@HowardMarksBook and Bruce Flatt @Brookfield My Saturday story. "Wall Street’s Best-Kept Secret Partnership"https://t.co/kRsRsefrGm via @BarronsOnline

[andy serwer @serwer]

Very down w/ this info @tomkeene TY!

[tom keene @tomkeene]

tweet of the day

[andy serwer @serwer]

.@FIFAWorldCup could pick up some pointers from the @NFL on pregame pomp.

[andy serwer @serwer]

Story of the day: Our reporters toured New York to find a bar for every World Cup team. Here are 48 reasons why there may be no better city for catching a game. https://t.co/XkFxNsSTGL via @WSJ

[andy serwer @serwer]

As for the @nyknicks which fan is attendance correlation to win/loss is 100% undefeated. NB: This is an apolitical, data-driven point.

[George Noble @gnoble79]

I was 26 years old when Peter Lynch handed me this.

April 28, 1983. I was the auto and retail analyst at Fidelity.

Peter was in his prime, on his way to building the greatest mutual fund track record in history:

29.2% annual returns for 13 YEARS STRAIGHT, growing Magellan from $18 million to $14 billion. The Babe Ruth of investing.

I'm looking at the principles he had typed up on a single sheet of paper that I've kept in my files for 42 years and I believe now is the perfect time to revisit them again.

Let me walk you through a few:

Rule 1B: "You need an edge to make money. Do not rely on a combination of hope and good luck."

Today's retail investor has no edge. He has Reddit, Robinhood, zero-DTE options and a TikTok algorithm pushing him into whatever stock just ripped 200% the day before.

That's hope and good luck wearing a fancy costume.

Rule 1E: "Purchase stocks like one would purchase a business."

Tesla trades at over 360 times earnings on a business deteriorating in real time, Oracle has $206 billion in liabilities against $39 billion in equity, MicroStrategy is a leveraged Bitcoin holding company priced like a software firm, and don't even get me started on SpaceX, that piece of garbage you'll be able to trade tomorrow...

Nobody in their right mind would buy these as actual businesses. They buy them as stories, narratives, and lottery tickets.

Peter would have called it the same way I do - these are not investments. They are speculations. GAMBLING.

Rule 1G: "Study the balance sheet and cash flow statement."

The hyperscalers spent over $380 billion on AI capex in 2025. Goldman says the measurable productivity payoff does not arrive until 2027 at the earliest.

Oracle just reported NEGATIVE $23.7 billion in free cash flow for fiscal 2026 while borrowing at a pace that would make a leveraged buyout firm nervous. The cash flow statements are screaming but nobody is reading them.

Rule 1I: "Avoid the long shot."

This one cuts the deepest.

The entire market has become a long shot.

OpenAI is projected to post roughly $74 billion in operating losses in 2028 ALONE while priced for transformation tomorrow. Bitcoin treasury companies are multiplying off thin air.

The retail investor of 2026 is making one long-shot bet after another and calling it a portfolio.

Rule 3A: "When the fundamentals change, sell your mistakes."

Tesla's fundamentals have changed.

California registrations are down 24% year over year and inventory days went from 10 to 27. Musk himself admitted on the last earnings call that Hardware 3 cannot achieve unsupervised FSD, breaking a promise made to 4 million customers.

The fundamentals have screamed change. But the stock is still at $385.

The mistakes are not being sold. They are literally being doubled down on with leverage.

Rule 3I: "A 30-50% profit in 12 months is great. Mediocre in three years."

Today's retail crowd expects 30-50% in a WEEK. Then they wonder why they get wiped out the second the hype stops.

And my favorite - Rule 3J: "Develop your own style and stick to it."

That is the entire game right there.

I developed mine sitting across the hall from Peter Lynch in 1983, watching him work, reading his notes, getting my own research handed back to me covered in his pencil marks. Then in 1984, my first full year managing money, I ran the #1 mutual fund in America. The Fidelity Overseas Fund was top 2 for the next six years running.

I did not get there by chasing narratives. I got there by following the sheet of paper you are looking at right now.

42 years later, this single page contains more wisdom than every Fintwit thread, CNBC segment, and Wall Street price target combined.

Peter retired in 1990 with the greatest mutual fund record in history. Then he sat down and wrote books explaining exactly how he did it.

Only a few "investors" these days read them.

And almost nobody is reading the balance sheets, the cash flow statements, or studying actual businesses today either.

They are chasing AI, crypto, and whatever pumped yesterday.

The wisdom on this page is timeless and it's more important than ever.

[TSDR Trading @TSDR_Trading]

Idk who she is but I know Paul Tudor Jones when I see him!

[andy serwer @serwer]

Yaaaaa

[BΞN / Ben Narasin @BNarasin]

This was a fun session. I remember going on in the early days of the show in a true round table format with something like four hosts which was hard to navigate. This was better. :)

[andy serwer @serwer]

Congratualtions @DM_Rubenstein https://t.co/GrXdty4Xik

[andy serwer @serwer]

Please watch.

[Tom Mendoza @TomMendozaTalks]

There have been many amazing posts about the incredible sacrifice of so many on D-Day. Andy Rooney’s 5 minute’s says so much in his own, inimitable way. Profound and worth your time.

[Tom Mendoza @TomMendozaTalks]

There have been many amazing posts about the incredible sacrifice of so many on D-Day. Andy Rooney’s 5 minute’s says so much in his own, inimitable way. Profound and worth your time.

[andy serwer @serwer]

Hey @BNarasin thank you for coming on the @barronsonline Roundtable! "But hasn't the sweet juice already been squeezed?"

[andy serwer @serwer]

Likewise, @readDanwrite thanks for sharing your perspective.

[Daniel Roberts @readDanwrite]

Fun to talk to my friend (and two-time former boss) @serwer for this big @barronsonline story about the World Cup. a ticketing mess!

https://t.co/wSqnW3GV3w