Peter Lynch is a genuine icon of investing, and not just for the fact he delivered an annual average return of almost 30 per cent during his 13 years managing the Magellan Fund at Fidelity until 1990.
A big part of Lynch’s legend is that he used to dispense pearls of wisdom as frequently as Warren Buffett. One of my favourites sums up many of the companies that make it into this column: “Go for a business that any idiot can run – because sooner or later any idiot probably is going to be running it.”
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