The vice chair of Fidelity Management and Research Company and author of the best-selling One Up On Wall Street told a crowd of 150 last night that good investment companies and individuals must rely on both management and common sense to succeed in the stock market.

Peter S. Lynch, who was named to the National Business Hall of Fame by Fortune magazine, spoke last night in the Lamont Forum Room as part of a continuing series of speeches and trips sponsored by the Harvard Investment Club.

Lynch told the audience the story of an investor who graduated valedictorian of his MIT class but failed in the investment world.

"You don't need math or computers to run a business," Lynch said. "I was never good in math--cosines, algebra, boy, that was tough."

He said that management is the key to a good investment business, and that intelligence does not necessarily make a person a good manager.

Outlining eight rules of investment, Lynch said the number one rule is to "know what you own."

"You would be amazed how many people can't explain to a sixth grader why they own their stock," Lynch said. "These people lose money. They don't even know what the hell they owned."

"The important thing to remember is that the stock doesn't know you own it," he said. "It doesn't know if you are a good person. People treat it like a pet or a grandchild."

His seven other rules included avoiding long shots, being flexible, remembering that you have plenty of time in the stock market, and knowing that there is always something to worry about.