How Peter Lynch turned Fidelity Magellan Fund’s $18 million into $14 billion in 13 years
Peter Lynch is known for his invaluable stock market lessons. The market expert who built one of the best track records in mutual fund history during his stint as Fidelity Magellan fund manager, wrote the popular book ‘One Up on Wall Street’.
In 1977, Peter Lynch assumed leadership of the Fidelity Magellan Fund with a modest $18 million in assets under management. By the time he retired in 1990, the fund had grown to an impressive $14 billion. Throughout those 13 years, Lynch achieved an average annual return of over 29%, more than double the S&P 500's performance during the same period.
Lynch's expertise in the stock market was evident through his popular book 'One Up on Wall Street', where he shared valuable insights. His investment philosophy centered on accessible, research-driven stock selection. Key principles included investing in what one knows and embracing the concept of tenbaggers - stocks with the potential to multiply tenfold.
Lynch emphasized the importance of research, cautioning against investing in familiar companies without proper analysis. He also dismissed the notion of predicting the stock market, asserting that it was a futile endeavor.
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