Word: magellans
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...missions. The nation's scientists, for their part, despaired as the eagerly awaited shuttle launch of the Hubble space telescope, which could revolutionize astronomy by extending our view to the edges of the universe, fell years behind schedule. Crucial deadlines were missed for shuttle launches of the planetary probes Magellan, designed to map the surface of Venus, Galileo, to survey Jupiter and its moons, and Ulysses, to conduct solar studies from a polar orbit around...
...shuttle. Its high-resolution "keyhole" photo-reconnaissance satellite, which will be used in part to monitor Soviet compliance with nuclear-arms-reduction treaties, will be aboard the next shuttle. Scientists too have been granted accommodations -- aboard the Atlantis in April 1989, the next opportunity to launch the Magellan mission, and the following October for the Galileo probe. The Hubble telescope may finally get off the ground in February 1990, and Ulysses in October of that year...
...Fortunately, the worst was over. The market kept gyrating during the next few weeks, but there were no more crashes. Lately, the inflow of new investments has started to outpace redemptions, and Lynch is pleased that only 50,000 out of the 1 million-plus Magellan customers have abandoned the fund completely. Even after the crash, Magellan investors are 2% ahead for 1987 as a whole. According to an independent study by Lipper Analytical Services, investors who have been in Magellan for three years have earned 68% on their money as of the end of November. Over the same period...
Lynch did learn some lessons though. For one thing, he never intends to be caught again without enough cash on hand. From now on, he will keep 3% to 5% of Magellan in money-market instruments or other cash equivalents, at least three times as much as in the past. Says he: "If $300 million wants to go out in a day now, I want to be ready." That way, if the market falls and redemptions suddenly run high, he will not be forced to sell stocks that he expects will rebound later...
CAPTION: FIDELITY MAGELLAN FUND...