There's a case for buying stocks that you know. It's the same reason you shouldn't visit Disney World in one afternoon---trying to see it all, all at once, means you might not really see anything. But pay attention to what's nearby, and you might spot some real eye-openers.

I realize some investors can grill a balance sheet and flip a profit without really "seeing" the simple story of what they're buying. Some investors, some of the time. But such a shot in the dark isn't even slightly Foolish. What's Foolish is maximizing benefits (like price appreciation), and minimizing the trouble it takes to get them. You can start by looking at what's around you.

Recently, I found myself talking with my mom about the pros and cons of four stocks--Coca Cola, Home Depot, Eastman Kodak and Apple. By sheer coincidence, Diet Coke was in the fridge, Home Depot shelves were in my closet, and a disposable Kodak camera sat on the desk next to my Mac. It was a moment of 'aha!' Since I knew their products, debating the financials of these firms was a piece of cake (indeed, the Cheesecake Factory is a couple blocks away, but that's another story). The financials indicated that Coke and Apple were overpriced and dicey, respectively. But the growth potential of Kodak clicked, and the crowded parking lots at Home Depot hit home. We made them each a 'buy.'

Now I'd hardly recommend spending your investing life in defensive consumer companies whose products just happen to be in your pantry. But a browse through the house, and then through the stock folders in the Motley Fool, will reveal how much you know already about dozens of companies. Take note of the ones that ring a bell---those whose products you buy or services you use---and then check their financials, news releases and analyst reports. See what your fellow Fools are saying.

Maybe you'll even carve out a niche interest---so much the better if you do. I remember writing a paper in grad school on companies that were growing human skin in the lab. Hmm, there's an idea you don't see every day. Then later, when my mom's knee problems spurred an interest in companies that grow cartilage, I looked at all the firms that dabbled in tissue development. I ended up buying GENZL, the specialized Tissue Repair issue of biotech Genzyme. Over exactly six months it appreciated 66 percent. Not a bad way to literally grow a profit.

Of course, the "look-at-what's-around-you" approach is no excuse to not do your overall homework. It's just a gentle Peter Lynch-like reminder that one can indeed make money on the familiar. The interesting, even. And in this rally, nothing's more fun than to run what you brung.