Peter Lynch on pullbacks: the best investors don't panic when markets drop — they see opportunity. His philosophy was simple: if you liked a stock at $50, you should love it at $40. The key is knowing what you own and why you own it. When the market sells off, ask yourself: has the business fundamentally changed, or is this just noise? Most pullbacks are temporary emotional reactions. Lynch made his fortune buying quality companies during these moments of fear. The real risk isn't volatility — it's selling a great business because the price moved against you for a few weeks.