Word: magellans
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Underscoring that point, one unusual hedgie, Jeff Vinik, has racked up stellar gains by taking an Everyman's approach to investing. Vinik, the onetime manager of Fidelity's Magellan Fund, doesn't touch derivatives, futures or options, generally won't mess with commodities or bonds, and doesn't make macro currency bets. Such high-octane strategies are the purview of many hedge funds, and the reason some of those funds have made small fortunes--out of very large ones...
Truman traveled in the ponderous and luxurious private car named Ferdinand Magellan, originally made for President Franklin Roosevelt. It was paneled in oak with four staterooms, bath and shower, and 6,000 lbs. of ice for air conditioning. The car was sheathed in steel-armor plating and 3-in. bulletproof glass. When they were out in the open, Truman liked the train to hit 80 m.p.h., and he would watch "our country" slide by while telling stories and sipping a little good bourbon--ready at each stop to "give 'em hell" and introduce "the boss," Bess Truman. The most famous...
...looked up at Elsey and said, worried, "You look peaked. Have you had anything to eat?" No, admitted Elsey, who had been just too busy for food. "Here," she said, pushing her piece of apple pie to him, "you can eat this, and I shouldn't." The Ferdinand Magellan with Harry Truman rolled on into history that night, fueled by apple...
HIGH ON TECH? Fidelity Magellan's closely watched portfolio manager, Bob Stansky, seems to keep changing his mind about tech stocks. Last week newspapers reported that he upped his position in techs from 21% to 27% after just recently trimming it. But did he? The shift may say more about the tech sector's appreciation than it does about Stansky's strategy. The lesson: look before you leap after the headlines...
...MAGELLAN'S RISK Fidelity wants to allow its Magellan Fund to invest as much as 25% of its assets in one company--up from 5%. This will potentially lessen the fund's diversification and increase its risk. If that worries you, better check the fine print of your other funds. Most companies already allow managers to invest up to 25% of a fund's assets in a single company, but most funds keep their maximum exposure well under...