Word: lynch
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...Lynch's importance to Magellan -- and to all of Wall Street -- went far beyond the buying and selling of any one week. At a time when heroes are few and many financial wizards have seemed obsessed by greed and ambition, Lynch was a reassuring presence, a homespun stock picker who disdained the pretensions of the experts and regularly beat them all. His 1989 best seller, One Up on Wall Street, made him almost a household name. "Lynch was more than a great money manager," says Donald Phillips, editor of the Chicago-based newsletter Mutual Fund Values. "He was a credible...
Some experts view Lynch's departure as a by-product of Magellan's astounding success. They contend that the fund had become so large and unwieldy that it was no longer possible for Lynch to outperform the market as consistently as he once had. Says Maurice Weiner, a Florida-based investor who sits on the board of a mutual fund: " Every time you add another dollar to manage, you are increasing the odds against...
...Lynch has heard such criticism since the mid-1980s, when Magellan was scoring some of its biggest gains. "It hurt when people kept saying that Magellan had reached its peak, that it was impossible for us to beat the market anymore," Lynch told TIME's Boston bureau chief, Robert Ajemian, last week. "I really wanted to prove them wrong. So I stayed...
...native of Boston, Lynch got his first taste of the investment world when he caddied for executives at a local country club. The duffers included D. George Sullivan, who at the time was president of the Fidelity group. After earning an M.B.A. at the Wharton School and serving two years in the Army, Lynch joined Fidelity as a research analyst in 1969. His ebullient pursuit of investment opportunities led to his 1977 appointment as head of Magellan, then one of Fidelity's smaller funds...
...built the fund over the years, Lynch acquired a prodigious reputation for doing his homework. Unlike most money managers, Lynch has made a point of visiting companies before he buys their stock. On a typical tour he would call on three firms a day and take note of everything from the alertness of secretaries to the cleanliness of parking lots. In one visit to Chrysler he first met Chairman Lee Iacocca and then walked into an auto plant to talk with workers. "People often ask me to explain my strategy," he says. "When I tell them my strategy...