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Monday, June 21, 2010

Peter Lynch Makes a Principled Gift

News summary by MFWire's editors

Peter Lynch is long retired from the mutual fund industry, but when he speaks reporters still listen. The former PM for Fidelity Magellan made headlines Sunday when he and his wife announced a $20 million donation to Boston College. The endowment will be used to create the nation's first training academy for school principals.

The donation made headlines in Boston Herald and Reuters as well as more obscure outlets.

Lynch is encouraging others to make similar gifts:

"People who have been much luckier than everyone else should do more of the giving," he told Reuters. He added to the Herald "We just think this could be a great return on investment." The gift was in the name of Peter and his wife Carolyn, whose father was a high school principal.

"The penalty of being a high school dropout is severe," he explained to Reuters in explaining how the gift will pay dividends. 

Edited by: Sean Hanna, Editor in Chief

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