The quote is from PeterLynch's book “One Up On Wall Street. How To Use What You Already Know To Make Money In”, which was originally published in 1989. It essentially reveals his investment mantra ....
PeterLynch said that they buy a stock just because it has gone down a lot. Investors back home, especially retailers, are often on the lookout for stocks that are low-priced or have corrected sharply in the hope of catching a low-hanging fruit ....