Peter Lynch is one of the most prominent representatives of financial gurus of the same generation as Bill Gross, Victor Niderhoffer and Jack Schwager. This American businessman and stock investor is a graduate of Boston College and the Wharton Business School at the University of Pennsylvania. An important role in his professional activity was played by the International Finance Corporation Fidelity Investments, in fact, the most successful in the world of mutual funds. books written by Peter Lynch are equally known: «Beating the Street», «Learn to Earn» and «One Up on Wall Street».
Peter Lynch was born in the most ordinary family in Newton, Massachusetts in January 1944. It can’t be said that his childhood was easy: like all children of the postwar period he had to work. However, it is this work that determined what Lynch would deal with in the future. At the age of 11, Lynch took a job at a local golf club Brae Burn Country Club — very expensive establishment. He was carrying clubs for players, among whom there were many millionaires and CEOs, and listened to what they were talking about. At those times he still had no funds to trade in the stock market himself, however, talks about the stocks at the golf course seriously sunk into his soul.
Lynch decided to play for the first time on the stock exchange in order to make money to pay for college. As a student, he conducted the air cargo market research and came across Flying Tiger company. Lynch was convinced that air cargo had the future, so he decided to take a risk and invested all his hard-earned savings — a thousand dollars — in stocks of the company. Then the future star of Wall Street got incredibly lucky: the war began in Vietnam. Stock indices got collapsed, but the stocks of Flying Tiger, on the other hand, rose almost 10 times as much, because the company received a contract for transporting cargo and troops. When the stocks rose in price several times, Lynch began to gradually sell them, paying the proceeds for the tuition. “Flying Tiger actually paid me for college,” he laughs.
Peter Lynch got an internship at Fidelity Investments in 1966. not least of all, this employment was associated with an acquaintance with the president of the company: in youth Lynch worked in a golf club in Massachusetts, where the president played. Initially, the responsibilities of a new financier included the market research of chemical industry, paper production, and publishing.
After completing the internship, Peter Lynch served two years in the Army, and then returned to Fidelity Investments as a full employee. His area of responsibility expanded and included the textile, mining and metallurgical industries in addition to the chemical one. For several years Lynch had climbed the career ladder to the position of director of research and analytics.
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