26 Aug 2016
The Wisdom of Great Investors: Part 2 of 6- Don’t attempt to time the market
- Posted by Dejan Pekic BCom DipFP CFP GAICD, Senior Financial Planner
Peter Lynch (born 1944) was hired by Fidelity as an Intern in 1966, partly because he had been caddying for Fidelity’s president at Brae Burn Country Club in Newton, Massachusetts USA.
In 1977 he became head of the Magellan Fund which had $18 million in assets and by the time of his retirement in 1990 the Magellan Fund had grown in excess of $14 billion in assets and averaged 29.2% per annum from 1977 until 1990.
Peter Lynch has co-written three books on investing, including ‘One Up on Wall Street’, ‘Beating the Street’ and ‘Learn to Earn’. His most famous investment principle is “Invest in what you know”.
One of Peter Lynch’s great quotes is that… “Far more money has been lost by investors preparing for corrections or trying to anticipate corrections than has been lost in the corrections themselves.”
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