"Go for a business that any idiot can run – because sooner or later, any idiot probably will run it."

Peter Lynch, a renowned American investor and former manager of the Fidelity Magellan Fund, is known for his simple yet effective investment philosophy. Your quote, "Go for a business that any idiot can run – because sooner or later, any idiot probably will run it," reflects his approach to investing in stocks.

Here's a breakdown of what Peter Lynch means by this statement:

1. Simplicity: Lynch advocates investing in businesses with straightforward and easy-to-understand operations. He believes that if a company's business model is so complex that only a genius can comprehend it, it may not be a wise investment choice for most people.
2. Resilience: By choosing a business that can be run by "any idiot," Lynch implies that the company should have a robust and durable business model. It should be capable of withstanding management changes or challenges when less competent individuals take over.
3. Realism: Lynch acknowledges that management changes can happen in any company for various reasons, such as retirement, resignation, or unforeseen circumstances. By investing in businesses that are not overly reliant on exceptional leadership, investors can protect themselves from the negative impact of subpar management.

In essence, Peter Lynch's advice encourages investors to focus on companies with straightforward, durable, and resilient business models that don't heavily depend on extraordinary management skills. This approach aims to reduce the risk associated with potential management changes and aligns with his philosophy of investing in what you know and understand.