Book: Beating the Street by Peter Lynch with John Rothchild | ISBN: 978-0-671-75915-5
By mid-1983, Lynch owned 450 stocks. By fall, that number had doubled to 900. He had to be ready to tell 900 different stories to his colleagues in 90 seconds or less. Which meant he actually had to know all 900 stories.
Book: Beating the Street by Peter Lynch with John Rothchild | ISBN: 978-0-671-75915-5
Peter Lynch’s day started at 6:05 AM in the backseat of a friend’s Saab. His buddy Jeff Moore drove while his wife Bobbie held X-rays up to a small light in the front seat. Lynch sat in the back with his own light, reading annual reports. The X-rays never got mixed up with the financial reports.
So you have a bunch of big investors who want to put money into private equity but don’t want to pick companies themselves. What do they do? They hand their money to a fund manager and say “go make us rich.” Sounds simple. But the details of how that relationship works, how the fund manager gets paid, and what stops them from just enriching themselves at your expense? That is where it gets interesting.
Book: Beating the Street by Peter Lynch with John Rothchild | ISBN: 978-0-671-75915-5
Peter Lynch didn’t start Magellan. He inherited it. And what he inherited in 1977 was kind of a mess.