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As you look back over more than 50 years at Fidelity, what do you feel has changed most?
Lynch: The data now is so good. I remember waiting for the mail to come to our library to check Nike's annual report. Now when somebody reports earnings, it's telecast all over the world. They have an investor presentation. They show a balance sheet. The data's there. And it's free.

So theoretically the individual's edge has improved in the last 20, 30 years versus the professional. The problem is people have so many biases. They won't look at a railroad, an oil company, a steel company. They’re only going to look at companies growing 40% a year. They won't look at turnarounds. Or companies with unions.

You have to really be agnostic. I think that's why Fidelity’s had so many great fund managers—they're very flexible with what they'll look at.

About Peter Lynch:
When Peter Lynch began work at Fidelity 50 years ago, you could buy lunch for less than a dollar, you had to wait for the mail to read an annual report, and the Dow Jones Industrial Average hadn’t hit 1,000.

Much has changed—but not Peter Lynch's boyish fascination with stocks. Looking spry in a dark blue suit, yellow tie, and sneakers, he shared some of his investing wisdom with Viewpoints from Fidelity's Chart Room (where market trends were once hand-drawn and posted on the walls).

For the 13 years that Lynch ran Fidelity's Magellan® Fund (1977–1990), he earned a reputation as a top performer, increasing assets under management from $18 million to $14 billion (as of 1990). Since then, Lynch has mentored virtually every equity analyst at Fidelity. He also authored several top-selling books on investing, including One Up on Wall Street and Beating the Street, and has been a generous contributor to the Boston community, the Catholic Schools Foundation and the Inner City Scholarship Fund.

Whether you enjoy picking individual stocks, aspire to it, or prefer to rely on professional management in the form of mutual funds, ETFs, or managed accounts, his plain-spoken wisdom can help you become a better investor.