Peter Lynch

Peter Lynch managed the Fidelity Magellan Fund from 1977 to 1990, achieving a 29% average annual return during that period and turning the fund into the world's largest mutual fund with over $14 billion in assets. His investment philosophy emphasized investing in companies that one understands as a consumer — "invest in what you know" — and conducting thorough research into businesses. He was known for his high activity level, owning hundreds of positions simultaneously and conducting enormous numbers of company research meetings. His books "One Up on Wall Street" (1989) and "Beating the Street" (1993) became some of the best-selling investment books ever written, accessible to retail investors and influential in spreading equity investing culture. Lynch's retirement from active fund management at age 46 — while at the peak of his career — set an influential precedent for stepping away from performance pressure rather than risking the erosion of a remarkable long-term record.