Peter Lynch, the Legendary investor, is donating a sum of $20 million to train school principals in Boston. This deed has placed him in the growing list of high net worth individuals to publicly champion philanthropy. Bill Gates, founder of Microsoft and Warren Buffett of Berkshire Hathaway, the two wealthiest Americans, in the last week said that they were asking hundreds of US billionaires to give away at least 50% of their wealth. 

Lynch’s wealth is estimated to be around $350 million. But he believes that the wealthy people should give back.

In an interview he said that people having money have been luckier than the others and they should give back a lot of money.  

Lynch made his fortune by running Fidelity Investments’ Magellan Fund between 1977 and 1990, when he resigned as a fund manager. The fund grew to a sum of $14billion in assets from a mere sum of $20 million with a 29.2% yearly return.

Lynch, now the VC of Fidelity Management and Research Co, and his wife Carolyn have been funding to educational initiatives for quite a long time through their philanthropic organization called the Lynch Foundation.

The new initiative will be the first to give specific training to principals as a way to raise overall educational attainment. It will be at Boston College’s Lynch School of Education.

Lynch said that there focus is on giving people a good start. He said that education in the early grades have the greatest payback. Lynch added that the rate at which the US high school graduation is falling out is a matter of concern and he dubbed it national cancer. 
 
Carolyn Lynch said that many teachers go from the classrooms to the principal’s office without specific training.

To pay attention to the skills that today’s principals need , many faculty will be drawn from several of Boston College’s discipline which includes ethics and leadership, the schools of management, law, nursing and social working.