Legendary investor Peter Lynch is slamming passive investing, even in the age of "active investors" like Cathie Wood getting all of the financial press.
In an interview with Bloomberg Radio’s Baystate Business, the former manager of the Fidelity Magellan fund said: “The move to passive is a mistake. Our active guys have beat the market for 10, 20, 30 years, and I think they’ll keep on doing it."
Specifically, Lynch pointed out Fidelity managers Steve Wymer of the Growth Company fund, Will Danoff of the Contrafund and Joel Tillinghast, Bloomberg reported on Tuesday.
Lynch made the remarks while donating 27 paintings and 3 drawings to Boston College's McMullen Museum of Art from his private collection that he shared with his wife. The works include artists like Pablo Picasso, Winslow Homer, John Singer Sargent and Mary Cassatt.
“All students definitely can learn from this collection, which includes a diversity of styles of painting, many of which depict the natural beauty of our country from its most celebrated painters," Lynch said at the ceremony.
He also donated $5 million for the curation of the collection he is helping build at BC, his alma mater.
Lynch was key in helping Fidelity increase the Magellan fund's AUM from $14 million to $18 billion.
The 77 year old Lynch is famous for providing 29% annualized returns during his 13 year tenure with the Magellan fund.
Nowadays, however, he is more focused on family. He said of the market: “I don’t keep score. I’ve got 10 grandchildren -- just had No. 10 six weeks ago. That’s what I keep score on.”
Wed, 12/08/2021 - 09:25