Word: magellans
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Dates: during 1980-1989
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Wrong. More than 1 million households in Boston's Fidelity Magellan, the biggest and most celebrated mutual fund, watched the price of their shares plunge by nearly 23% in three days of trading. In an unusually candid and revealing series of interviews with TIME, Peter Lynch, Magellan's manager, offers no excuses. "I was caught in a trap," he says. "I should have paid more attention to the red flags out there...
...Lynch realized the full magnitude of what had happened, he knew his Irish vacation would have to be cut short. By 6 a.m. the next morning Lynch was on his way to Shannon Airport, pondering the stunning news that in the two business days he had been away, Fidelity Magellan's assets had plunged by 28%, from $10.7 billion to $7.7 billion...
...market peaked in August, the assets of equity-based mutual funds have fallen 21.1%, from $234.3 billion to $185 billion. That was a slightly worse showing than the market as a whole, as measured by the Standard & Poor's Index of 500 stocks, which fell 20.9%. Fidelity's flagship Magellan fund, worth $12 billion in August, has shed 31% of its value. Pioneer II, a $4.4 billion fund three months ago, has lost...
Some of the major institutional investors scour the world for stock bargains. One who has been roundly rewarded at that game is Peter Lynch, the aggressive manager of the wildly successful Fidelity Magellan Fund (assets: $7 billion), which last year notched up 43.1% growth. Lynch is widely known for his willingness to pick a foreign concern as an investment as readily as a domestic firm. He casts afield to West Germany, the Netherlands and even Finland for his choices...
Early travelers tended to emphasize wonders at the expense of precision, secure in the belief that no one would make the same arduous journey simply to contradict them. A colleague of Magellan's reported a strange sight in Patagonia: "One day, without anyone expecting it, we saw a giant, who was on the shore of the sea, quite naked, and was dancing and leaping, and singing, and whilst singing he put the sand and dust on his head . . . He was so tall that the tallest of us only came up to his waist." After the dawn of the Enlightenment...