The Wizard Bows Out

America's top money manager leaves a rich legacy. Can anyone fill his shoes?

To more than 1 million investors, Peter Lynch was a magician, a modern alchemist who transmuted their modest savings into solid wealth. Since Lynch began running the then tiny Fidelity Magellan fund in 1977, its shares have surged 25-fold in value -- far more than the fourfold gain for the Dow Jones industrial average during the same period or the increase for any other mutual fund. Lynch, 46, built Boston-based Magellan from a $22 million operation into a $13.3 billion monster, the world's biggest and most celebrated fund. And he did it the old-fashioned way, through 13-hour workdays and an almost...

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