Peter Lynch
| Peter Lynch | |
|---|---|
| Born |
January 19, 1944 Newton, Massachusetts, U.S. |
| Alma mater |
Boston College University of Pennsylvania |
| Occupation | Investor, mutual fund manager, philanthropist |
| Employer | Fidelity Investments (1966 - 1990) |
| Known for | Managing the Magellan Fund |
| Net worth | US$352 million (March 2006) |
| Spouse(s) | Carolyn Lynch (d. 2015) |
Peter Lynch (born January 19, 1944) is an American investor, mutual fund manager, and philanthropist. As the manager of the Magellan Fund at Fidelity Investments between 1977 and 1990, Lynch averaged a 29.2% annual return, consistently more than doubling the S&P 500 market index and making it the best performing mutual fund in the world. During his tenure, assets under management increased from $18 million to $14 billion.
He also co-authored a number of books and papers on investing and coined a number of well known mantras of modern individual investing strategies, such as Invest in what you know and ten bagger. Lynch is consistently described as a "legend" by the financial media for his performance record, and was called "legendary" by Jason Zweig in his 2003 update of Benjamin Graham's book, The Intelligent Investor.
Peter Lynch was born on January 19, 1944 in Newton, Massachusetts. In 1951, when Lynch was seven, his father was diagnosed with cancer. He died three years later, and Lynch's mother had to work to support the family. During Lynch's time as a sophomore at Boston College, he used his savings to buy 100 shares of Flying Tiger Airlines at $8 USD per share. The stock would later rise to $80 per share.
In 1965, Lynch graduated from Boston College where he studied history, psychology and philosophy, and earned a Master of Business Administration from the Wharton School of the University of Pennsylvania in 1968.
In 1966, Lynch was hired as an intern with Fidelity Investments partly because he had been caddying for Fidelity's president, D. George Sullivan, (among others) at Brae Burn Country Club in Newton, Massachusetts. He initially covered the paper, chemical, and publishing industries, and when he returned after a two-year Army stint he was hired permanently in 1969. This time Lynch was charged with following the textiles, metals, mining, and chemicals industries, eventually becoming Fidelity's director of research from 1974 to 1977.
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