"Small-cap stocks are like undiscovered gems. If you can find the right ones and have the patience to nurture them, they can deliver extraordinary returns.” This well-known comment from legendary investor Peter Lynch captures the essence of small-cap investing philosophy and provides the key to how Peter Lynch has remained one of the best fund managers. As the manager of the Magellan Fund at Fidelity Investments between 1977 and 1990, Lynch averaged a 29.2 per cent annual return, consistently more than double the S&P 500 stock market index and making it the best-performing mutual fund in the world.
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