In short: Lynch's #2, and the archive's clearest warning against a "perfect stock" label. "Fannie Mae was necessary to the U.S. mortgage market and consistently generated profits. Lynch called it the Perfect stock." Over six years it returned more than 2,900%. The coda is the point: "Peter Lynch was 'lucky' not to own the company during the financial crisis. The stock is still down over 80% since then." Cited as history; no view on the shares today.
Fannie Mae buys mortgages from banks and guarantees them, so banks get their money back quickly and can lend again. In the 1980s it looked unbeatable: essential to how American house-buying works, and consistently profitable. Lynch called it "the Perfect stock" and made more than 2,900% on it in six years.
The reason it is in this archive is the sentence that follows. Lynch happened to be out of the position by 2008, when the government took the company over and the shares collapsed; they are still down more than 80%. Slegers' own word for that is "lucky." A business can be genuinely essential, genuinely profitable, and still be wiped out — being indispensable to a system is not the same as being safe within it.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.