Lessons From a Legendary Fund Manager with Joel Tillinghast
Excess ReturnsNovember 30, 202300:41:50

Lessons From a Legendary Fund Manager with Joel Tillinghast

In this episode, we speak with Joel Tillinghast, who will retire as the manager of the Fidelity Low-Priced Stock Fund at the end of this year. Joel managed the fund for over 30 years and built an impressive track record, substantially outperforming the S&P 500 over his tenure. We talk to Joel about the biggest lessons from his career, his approach to finding undervalued stocks, what he learned from Peter Lynch, the most important advice he will give his successors and a lot more.

#fidelityinvestments #valueinvesting

00:00 - Intro
02:48 - How Joel got his job by cold calling Peter Lynch
07:41 - The biggest lessons Joel learned from Peter Lynch
10:21 - Why great fund managers are also great analysts
11:23 - How Joel would describe his investment strategy
15:39 - The pros and cons of talking to company management
17:41 - How Joel's strategy has evolved over the years
21:10 - The benefits of holding winning positions
25:41 - Joel's views on factor investing
28:43 - The role of screening/quantitative investing in Joel's process
30:58 - Putting inflation in a long-term context
35:20 - Navigating bear markets
41:58 - Joel's view on index investing
44:51 - The one lesson Joel would teach the average investor

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