Peter Lynch (born January 19, 1944) is a successful Wall Street stock investor whose record ranks him as one of the best stock-pickers in the world. He is currently a research consultant at Fidelity Investments and his likeness remains the primary marketing tool of the company.
FidelityPeter Lynch was hired as an intern with Fidelity
Investments in 1966 partly because he had been caddying for Fidelity's president (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 Lynch 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 1974-1977. In 1977, Lynch was named head of the obscure Magellan Fund which had $18 million in assets. Though the fund was closed to new investment until 1981, by the time Lynch resigned as a fund manager in 1990, $10,000 invested in Magellan would have grown to $280,000 over a 13 year period and the fund grew to more than $14 billion in assets with more than 1,000 individual stock positions. Lynch's achieved dollar successes in a range of stocks including (by order of profit achieved - source is Beating the Street): Fannie Mae, Ford, Philip Morris, MCI, Volvo, General Electric, General Public Utilities, Student Loan Marketing, Kemper, and Loews.
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1 comment:
Pat:
Almost all of your post is true expect that Fidelity Investments does not use Peter Lynch's likeness in any of their marketing efforts at this time, nor have they for many years.
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