Peter Lynch stepped down as manager of the Magellan Foundation in 1990 after one of the most successful projects in stock market history.
Over its remarkable 13-year history, Lynch has generated an annual rate of return of 29.2%, ahead of the market as a whole by 13.4% per annum.
The Magellan Fund was the best joint fund in the world from 1977 to 1990.
If you invested $ 10,000 on the first day that Peter Lynch took over and sold when he left, your investment would be worth $ 280,000.
When he left Magellan, Peter Lynch was only 46 years old, and he had a lot of money to spend.
Boston magazine once estimated its net profit at $ 352 million. The following is where the famous drive guru has kept or spent his money since that time.
Lynch lives outside Boston along the North Shore in Marblehead, Massachusetts, where the Lynch family owns several properties. These include a condominium overlooking local community gardens bought for $ 6. 1 million. The famous manager, along with his daughter and son-in-law, also acquired two nearby parking spaces for $ 340,000. He also owns real estate in other parts of the world. For example, he bought a small farmhouse in Dublin, Ireland, with his wife Caroline on their 25th wedding anniversary. He sold his longtime second home in Scottsdale, Arizona, in 2010 for $ 15 million.
Sailing and golf
Lynch is guarded by his personal life, although he admits that he loves several recreational hobbies. He grew up near the ports of Boston and looked after top-class golf clubs and still maintains proximity to both activities reportedly owning several small boats. After retiring, Lynch told the Boston Globe: “I’m going to start playing golf again. This is a great family sport. ”
Outside of his real estate and the small portfolio he set up for his daughter when she was 4 years old, there is very little information about Lynch’s private investment. However, he still works with Fidelity Investments as a consultant and pitcher. Since 2000, he owned 5 or 6% of the company’s shares, which should cost a lot. Family Fidelity, as you know, is secretive about its assessment.
Lynch is a quiet philanthropist, but very active and dedicated. Although Lynch rarely seeks attention, he and his wife, Carolyn, devoted most of their free time to the Lynch Foundation until his death in 2015. The Lynch Foundation, launched in 1988, was valued at $ 125 million in 2013. According to a New York Times report, it was designed to allow family “charity dollars” to grow tax-free.
“Many people wake up at the age of 65 and they want to do charity events,” Lynch explains, “the problem is that they paid taxes in full.” The Lynch Foundation manages investments for future charity work, and Lynch is an active portfolio manager. The four main areas of the fund’s activities are education, cultural and historical preservation, religion and healthcare.
Lynch uses practical research, including the search for “understated programs with great potential, and they track their return on investment,” says the Boston Globe. Lynch called it “like a stock market; we are always looking for a good idea versus a great idea. ”
Peter and Carolyn made headlines in February 1999 when they donated more than $ 10 million to Boston College, the largest gift in school history. Peter was a graduate of Boston College and has deep family ties with the institution, and also served as a trustee on the board of the school. It provides the Fidelity Gift Fund and two separate charitable trusts.
Lynches gave out “millions of dollars a year,” and Peter continues to spend about a third of every year on charity funds, encouraging others to persuade him. “I’m trying to get them to give more,” Lynch says. “You only have 60 working days, to get up to 150 people, but I’m worried. «
“Looking back, I was lucky. “I won the lottery,” says Peter, “we are just trying to provide the same opportunities to other children.”