In addition to his success running the Magellan Fund, which became the best performing fund in the world from 1977-1990 under his management, Lynch is the best-selling author of “One Up on Wall Street” and “Beating the Street.” Lynch currently serves as a Vice Chairman of Fidelity Management and Research Company and since 1990, he has served as the Chairman of the Inner-City Scholarship Fund. This fund provides partial scholarships for disadvantaged and deserving inner-city students of all faiths and nationalities across Boston. Through the fund’s assistance, students are able to enroll in better parochial schools that they otherwise could not attend. To date, the fund has raised over $65 million worth of partial scholarships benefiting more than 50,000 students.
Although Peter Lynch is usually asked to speak on topics regarding his investment expertise, he was encouraged when the HBS CSA asked him to say a few words regarding his philanthropic involvement with the inner city Catholic Schools of Boston. He stressed the importance of volunteering and grade-school education.
Mr. Lynch’s own father died when he was seven years old and he attributes much of his success to the Catholic Schools he attended at an early age on through his graduation from Boston College. The children he helps through the Inner City School fund are at risk of dropping out of school in 5th or 6th grade – long before they reach high school. The students who receive scholarships from the fund usually come from single-parent families. These scholarships help defray the cost of the modest $3,100/Year tuition expense incurred by these families.
Mr. Lynch believes a good education is more important than ever in an age when computer illiteracy puts many at a serious disadvantage in the workplace. The 16,000 students at the inner city Catholic Schools hardly ever miss a day of school and are rarely suspended.
Mr. Lynch also highlighted the high level of volunteerism he saw in the United States. He was encouraged by the fact that 16 million people volunteer 10 hours or more per week. He especially advocated finding a cause one believed in and getting truly involved in its success. “Its much more fun when you’re involved.”
