Peter Lynch is a US investor and a manager. He is also well known as a philanthropist. Under Lynch’s management, the Magellan Fund of Fidelity Investments achieved its height and became the top mutual fund company in the world. Lynch’s tenacity and dedication made him big in the investment world, and thereafter he came to be known as the “legend”. Let’s take a quick look at Peter Lynch’s net worth in 2019, his career and his achievements.
Lynch was born on the 19th of January, 1944 in the state of Newton, Massachusetts. When Lynch was merely a ten-year-old kid, his father passed away from cancer. His mother supported the family after that incident. Lynch went for his higher education at Boston College where he studied history, philosophy and psychology. As a sophomore there, he bought 100 shares of Flying Tiger Airlines at $8 USD per share for which he had to use up his entire savings. These later increased by $80 per share. After graduating from the Boston College he obtained a Masters in Business Administration from the Wharton School of the University of Pennsylvania in 1968. He was the co-founder of the Lynch Foundation. He tied the knot with Carolyn Ann Hoff, and stayed with her till she died of leukaemia in October 2015.
Lynch caught a break in his career when he was working as a caddy at the Brae Burn Country Club in Newton, Massachusetts. In 1966, he was hired at the Fidelity as an intern. After three years, he became a permanent worker there; and towards the later 1900s, he had risen to the position of Fidelity’s director of research. Lynch was made the head of the barely known Magellan Fund in 1977. During his time there, he succeeded in taking the fund from around $18 million to over $14 billion, with over one thousand individual positions in the stocks.
As of 2003, the Magellan Fund had the best return in a 20 year period than any other company. Lynch has penned down several books on the topic of investment such as One Up on Wall Street, and Learn to Earn. He gives great attention and importance on philanthropy and considers it as a corollary of investment. The Lynches donate as individuals, through their own Foundation and a Fidelity Charitable Gift Fund, as well as through charitable trusts.
Awards and Achievements
Peter Lynch managed to leave his mark in the industry of investment fund. As the manager of the Magellan Fund at the Fidelity Investments, Lynch made an average yearly return of about 29.2%. He gained huge successes in a number of stocks including Fannie Mae, Philip Morris, Ford, and various others. His investment in the First Night, the New Year’s Eve Festival that began in Boston, inspired various other such ideas in over 200 communities.
Net Worth of Peter Lynch
Peter Lynch is estimated to have an overall net worth of $450 million. This American investor and generous philanthropist have a more outstanding net worth than most people in his line of work. He is a very active philanthropist; this is clearly perceptible from the huge investments that he makes. The Lynches donated $10 million to Peter Lynch’s alma mater, Boston College and the Foundation under their name gave away $8 million in 2013. Since its establishment, the foundation has made $80 million in grants and is valued at $125 million.
Peter Lynch currently works part-time as the vice chairman of the advisory wing of investment at Fidelity Investments, Fidelity Management & Research Co. He devotes a valuable amount of his time in training and inspiring young analysts. His foundation works for education, religious organisations, cultural and historical organisations; it also takes into its consideration hospitals and medical research.