Peter Lynch is known for beating the market during his stint as manager of Fidelity's Magellan mutual fund in the 1980s. In his popular investing book, One Up on Wall Street, he describes how the individual investor can beat the market with a simple approach.

One of the foundations of that approach is buying what you know and understand. Let's see how that can play out with some real-world examples.

Lynch describes his wife's positive experience buying L'eggs brand hosiery at the supermarket. When the pantyhose first came out, it was a novel concept that brought affordable products to where women were shopping most frequently. That interested him in buying stock in the parent company of L'eggs, Hanesbrands (NYSE: HBI).

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Source Fool.com