21 min 34 sec
Peter Lynch is one of the most successful mutual fund managers of all time. Lynch guided Fidelity Investment's Magellan Fund to a 29.2 percent average annual return from 1977 until his retirement in 1990, almost doubling the S&P 500's 15.8 percent yearly return over that time. And he did it with an approach that is very unique among history's most successful investors.
In its paper Superstar Investors, AQR tried to use factors explain the historical performance of some of the best investors of all time, and Lynch's performance was the most difficult to explain using that framework.