the executive branch. I understand the frustration, but I hope and pray that they will ultimately stick with the Constitution and the separation of powers.
I was in Congress for 28 years. I was leader for about half that time. I saw a lot of big, tough, controversial issues get decided. I mean, people were amped up on both sides of the issue. But we finally got the compromise with these budgets. And what I was in awe of was that even though when we got the thing done, about half the people in the country were very angry at that outcome. They didn’ t get enough. They gave too much. They were angry, but they didn’ t want to pick up a rifle. They didn’ t want to leave the country, because they thought the process was fair. They were heard. They had a vote. They just didn’ t win this time; maybe there’ ll be another time. So they were willing to grudgingly put up with that result. That, ladies and gentlemen, is the majesty, the magic, the power of democracy.
It’ s really called consent of the governed. In 1789, our founders had a radical idea. They believed that we could govern ourselves. They didn’ t want a king. They didn’ t want a pharaoh. They didn’ t want a potentate. They wanted all of us to govern ourselves. When they were finished writing the Constitution, when Ben Franklin came out of Constitution Hall, there was a crowd and they had a question. They said,“ Mr. Franklin, have we decided to have a republic or a monarchy?” And he said,“ We’ ve decided to have a republic.” And then he turned to walk away. But then he stopped and he came back and he said,“ We have decided to have a republic if we can keep it.” We have been keeping it for nearly 250 years, and I believe in all my heart that we’ re going to keep on keeping it for many years to come. Thank you for this honor.
DENNISON( DAN) VERU
Chief Investment Officer, Palisade Capital Management
I’ m honored to be introducing Peter Lynch, the 2025 recipient of the Lifetime Achievement Award. Peter has lived a rich life devoted to his family, faith and profession, while changing the lives of so many people through his philanthropy and wisdom. When you search for the most recognized equity mutual fund managers of all time, the first name that appears is Peter Lynch. Simply stated, he defines the investment management industry, and the financial history of our country cannot be written without noting his extraordinary contributions through his insatiable curiosity for information, 80-hour work weeks and refined analytical approach. Fidelity’ s Magellan Fund had an annualized return over 29 % from 1977 to 1990. Dick, I hope you were in during that period, which was more than twice the return of the S & P 500 over the same period. The assets of the fund grew from $ 18 million under his stewardship to $ 14 billion, which certainly helped catapult Fidelity to the top of the financial services industry.
His investment process was simple. He picked growth companies at a reasonable price, coining the term GARP( Growth at a Reasonable Price) by applying an intense bottom-up analytical process and a broad cross-section of industries. In the process he changed the financial lives of everyday people who invested directly or indirectly in the fund. I can tell you first-hand that his passion for stock picking continues today.
In 1990, Peter turned 46 and was at the peak of his success when he suddenly decided to retire from the daily management of Magellan— exactly 13 years to the day from when he started— in order to spend more time with his family. In his book Beating the Street, he stated,“ When you start confusing Freddie Mac, Sallie Mae and Fannie Mae with members of your own family, and you remember 2,000 stock symbols but forget the children’ s birthdays, there’ s a good chance you’ ve become too wrapped up in your work.”
He shifted his priorities to philanthropy with his beloved late wife Carolyn, while also mentoring the next generation of investment professionals at Fidelity. His contributions to education, healthcare and the arts have made an indelible impact on his community and on the lives of so many people. I’ ve seen for myself the impact this man has made on the lives of children through his support and devotion to the Catholic Schools Foundation, a charity that Palisade has proudly supported almost since its inception. In April 2023, Peter was honored by the Catholic Schools Foundation for his 33 years of service, educating the neediest children and preparing many of them for the elite colleges and universities they would attend.
Though he no longer manages Magellan, Peter continues to have a role at Fidelity mentoring the next generation of investment professionals, and he remained the face of the firm through the 1990s. He also published three best-selling books on investing, believing that the average investor could pick stocks like the pros if they worked at it and followed simple principles. In one of his books, he stated,“ Your investor’ s edge is not something you get from Wall Street experts. It’ s something you already know. You can outperform the experts if you use your edge by investing in companies or industries you already understand.” These books were way ahead of their time, as they democratized the investment process for anyone willing to do the work.
Today, Peter continues to focus on philanthropy and still has the passion and intellectual curiosity for stocks that he had decades ago, but clearly his priority remains his family, especially his 10 grandchildren, who he proudly displays on the back of his iPhone. Recently, David Cowen and I brought some of the important items in the Museum’ s collection to his home in Boston, and we had a great discussion on the historical significance of each item. He’ s a passionate historian and lover of history. However, when it was time for him to see his grandchildren, the meeting abruptly ended. As we quickly collected the irreplaceable artifacts, Esther, his miniature dachshund, ushered us to the door so she and Peter could get to his beloved grandkids on time. Ladies and gentlemen, please welcome my dear friend, my mentor and a living legend, the one and only Peter Lynch.
PETER S. LYNCH
Vice Chairman, Fidelity Management and Research Company
It’ s just so amazing to be here tonight. David Cowen and Dan [ Veru ] came up and talked about something I knew nothing about— and I love history— about the start of our country financially. How do you do it when every one of the colonies has its own currency? They have their own dollars; they have their own bonds. I mean, how do you make that work? How do you get that all together? These people in Pennsylvania, maybe they don’ t get along with people in Virginia. I can’ t imagine the jealousy and human emotion between the people in
8 FINANCIAL HISTORY | Spring 2025 | www. MoAF. org