street is just as capable of identifying good stocks as a Wall Street professional, and noted that many of his best stock picks came from his experiences with a company as a customer, rather than through usual trade publication or analyst reports. Many good tips came from his wife, who did most of the household shopping and occasionally noticed customer trends before professionals did, a phenomenon he called "street lag". Lynch bucked many prevailing trends on mutual fund investing, such as buying many more stocks than usual. Magellan had about 60 stocks when Lynch took over, and he was advised to trim that number to 25-30. He instead bought hundreds of stocks he believed were bargains, including the then-unusual step of owning multiple stocks from the same industry (e.g., dozens of savings and loan association or convenience stores). In 1989, Magellan held an unheard-of 1,400 stocks. In 1989, just before relinquishing the management of the Magellan fund, he published his best-seller "One Up on Wall Street", published by Simon & Schuster. The book provides an insight into his investing approach. He popularized the idea of "Growth at a reasonable price" (GARP). He used the ratio PEG (PE ratio divided by per share growth rate) as a metric. He regarded PEG ratio of 1.0 or lower to be an indicator of inherent value. He preferred stocks with sustainable growth. He examined the attributes of potential "ten-baggers" and "four-bagers". Magellan fund was not open to public until mid 1981. Only the Johnson family was able to invest in it. Peter Lynch retired at 46 but continued to stay on at Fidelity as a senior advisor. He is independently wealthy with a net worth of $352 million in 2006. Morris Smith and Jeff Vinik, 1990-1996 Morris Smith, who had successfully run Fidelity's Select Leisure Fund and Fidelity Over-the-Counter Fund, replaced Lynch as the manager of Magellan. During the two years he was there he managed to beat the S&P 500 by 7%. An orthodox Jew, he decided to leave investing entirely after his experience at Magellan and has spent time pursuing religious activities and moved to Israel. Jeffrey Vinik spent four years managing Magellan and during that time he produced an 83.70% cumulative return and outperformed the cumulative S&P500 return by 5.91%. Vinik is most often remembered as the manager who moved a high percentage of the portfolio out of technology stocks and