Former Fidelity mutual fund manager Peter Lynch, who ran the famous and stellar performing Magellan Fund, has been out of the day-day stock-picking race since 1990 when he retired at the top of his game.
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Even so, Lynch still looks at equities as one of the better opportunities for investors, even though the U.S. stock market is hovering at all-time highs and naysayers question whether the bull market, about to enter its 11th year, is long in the tooth.
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"The market's going to be a lot higher 10 years from now, 20 years from now, 30 years from now," Lynch told Jack Otter on "Barron's Roundtable", which airs on the FOX Business Network. He also noted that investors who try to forecast various scenarios for the markets usually end up missing the boat. "Trying to predict the market is really a waste," he cautioned.
"The market's going to be a lot higher 10 years from now, 20 years from now, 30 years from now..."
Lynch's experience backs his views. He ran Magellan from 1977 until 1990 where he increased assets under management from $18 million to $14 billion.
History, according to Lynch, shows us that stocks have more upcycles. "Over the long term, the upside is more than the downside," he said advising individuals to understand and plan for various life cycles but invest for the long-term.
"You're going to say to yourself, do I need the money in the next month? Do I need the money in the next year? Do I have kids going to college, have a wedding coming up? Then, you're a bad investor," Lynch said. "If you keep putting money in ... you should do well."
Fidelity currently oversees $7.8 trillion in customer assets.