Word: lynches
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Dates: during 1990-1999
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...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...
...Lynch has shunned scientific market analysis and short-term speculation. He has often held stocks for many years, as long as the companies remained healthy. By the same token, he has been quick to sell when he recognized that a stock was going bad. As he notes in his book, "You won't improve results by pulling out the flowers and watering the weeds...
...believes great stock tips come from everyday life, so he pays close attention to the buying habits of his wife Carolyn and their three daughters. When Carolyn began bringing L'eggs panty hose home from the supermarket in the 1970s, Lynch recognized a winning product. Magellan bought stock in Hanes, the panty-hose maker, and saw the value of its shares grow some...