Peter Lynch Averaged a 29.2% Annual Return Running Fidelity's Magellan Fund From 1977 to 1990. Here's What Made That Track Record Nearly Impossible to Repeat.
Context always matters. Even so, figuring out how to identify and capitalize on opportunities well enough to consistently trounce the market's average return requires brilliant vision.
Overview
Younger investors may not recognize the now-rarely spoken name. Students of the stock market's great gurus (and anyone over the age of 60), however, are likely aware of the impressive returns that Fidelity's Magellan Fund (NASDAQMUTFUND: FMAGX) achieved when Peter Lynch was at the helm. While he was in charge from 1977 until his retirement in 1990, Fidelity's average annual return was a hefty 29.2%. Amazing.
Just don't mistake that result as something that's readily repeatable, or even realistically repeatable. Lynch also benefited from heading up a high-profile, highly flexible fund during a period of incredible growth for the U.S. economy.
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Originally published at www.fool.com.