Has any other mutual-fund manager ever even come close to Peter Lynch’s record at Fidelity Magellan? From 1977 until 1990 he produced a blistering 29% annualized return, nearly double what the
produced during that period. Lynch wasn’t just a Fidelity manager and Magellan wasn’t just a Fidelity fund back then. They were Fidelity and Lynch’s prominent forehead, toothsome grin and shock of white hair became emblematic of the Boston-based firm in advertisements and commercials.
Back then, a U.S.-based exchange-traded index fund was but a twinkling in creator Nathan Most’s eye. After much resistance from mutual fund traditionalists like Vanguard’s John Bogle, who rejected Most’s idea as promoting speculation, America’s first ETF,
SPDR S&P 500
(ticker: SPY) launched in 1993.
Flash forward to 2020, and Fidelity just filed a prospectus with regulators that it will be launching an ETF version of the $21.7