Fidelity
Lynch was hired as an intern with Fidelity Investments in 1966 partly because he had been caddying for Fidelity's president (among others) at Brae Burn Country Club in Newton, Massachusetts. He initially covered the paper, chemical, and publishing industries, and when he returned after a two-year Army stint he was hired permanently in 1969. This time Lynch was charged with following the textiles, metals, mining, and chemicals industries, eventually becoming Fidelity's director of research from 1974 to 1977. In 1977, Lynch was named head of the then obscure Magellan Fund which had $18 million in assets. By the time Lynch resigned as a fund manager in 1990, the fund had grown to more than $14 billion in assets with more than 1,000 individual stock positions. From 1977 until 1990, the Magellan fund averaged a 29.2% return. Lynch's achieved dollar successes in a range of stocks including (by order of profit achieved - source is Beating the Street): Fannie Mae, Ford, Philip Morris, MCI, Volvo, General Electric, General Public Utilities, Student Loan Marketing, Kemper, and Lowes.
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Famous quotes containing the word fidelity:
“Total loyalty is possible only when fidelity is emptied of all concrete content, from which changes of mind might naturally arise.”
—Hannah Arendt (1906–1975)
“The genius of American culture and its integrity comes from fidelity to the light. Plain as day, we say. Happy as the day is long. Early to bed, early to rise. American virtues are daylight virtues: honesty, integrity, plain speech. We say yes when we mean yes and no when we mean no, and all else comes from the evil one. America presumes innocence and even the right to happiness.”
—Richard Rodriguez (b. 1944)