Word: lynching
(lookup in dictionary)
(lookup stats)
Dates: during 1990-1999
Sort By: most recent first
(reverse)
...more than 1 million investors, Peter Lynch was a magician, a modern alchemist who transmuted their modest savings into solid wealth. Since Lynch began running the then tiny Fidelity Magellan fund in 1977, its shares have surged 25-fold in value -- far more than the fourfold gain for the Dow Jones industrial average during the same period or the increase for any other mutual fund. Lynch, 46, built Boston-based Magellan from a $22 million operation into a $13.3 billion monster, the world's biggest and most celebrated fund. And he did it the old-fashioned way, through 13-hour...
...most successful money manager in America surprised the financial world last week by disclosing that he will be retiring from Magellan at the end of May. Lynch, who is reportedly paid as much as $10 million a year, broke the news at 9:30 a.m. last Wednesday to hushed staffers who had gathered outside his office door. Citing a longing to spend more time with his family and the fact that his father had died of cancer at the age of 46, Lynch said he had decided it was time to quit. He will be succeeded by Morris Smith...
...brace for a possible rush to redeem Magellan shares in the wake of his departure, Lynch had been quietly accumulating a $1.8 billion cash hoard as part of the mutual fund's portfolio of 1,400 stocks. At week's end nervous investors were redeeming Magellan shares at a rate 75% faster than that of the previous week...
...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...