Peter Lynch, maestro of the Fidelity Magellan Fund in its heyday, famously said that you should invest in what you know.

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Years ago, the Fidelity Magellan Fund was a mid-cap growth equity fund.

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Like its namesake navigator, the Fidelity Magellan fund has seen its share of glory, though for the past several years the once mighty mutual fund has been a study in mediocrity.

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Peter Lynch ran the Fidelity Magellan fund from 1977 to 1990 and had one of the best performance records in history for a mutual fund manager an annualized return of over 29% per year.

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Lynch eventually took over as director of research for the small investment mutual fund company and in 1977 took over portfolio management of Fidelity's Magellan mutual fund.

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When Jeffrey Vinik, the manager of Fidelity's flagship Magellan fund, pulled such a stunt in 1995, investors were predictably outraged.

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Goldman Sachs owns a sliver of the company, and the mammoth Fidelity Magellan (FMAGX) fund owns 5% of the outstanding shares, while Fidelity Contrafund (FCNTX) also has a respectable stake.

FORBES: Magazine Article