Word: mutuality
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...will deny nothing. I will defend nothing." UMA THURMAN, actress, on rumors of mutual infidelity swirling about her breakup with her husband, actor Ethan Hawke...
...admit. The President of China has power--that much goes without saying. So does Jerry Bruckheimer, the Hollywood producer, who can make pretty much any film or TV series that he wants, or Fidelity's Abigail Johnson, whose family firm controls the destiny of nearly $900 billion of mutual-fund money. But Kim Jong Il, the Dear Leader of North Korea, has power too--nuclear-weapons programs do that for you--despite the fact that his nation is an economic basket case. Stalin asked mockingly about the Pope, "How many divisions does he have?" Yet few would doubt that Pope...
...tougher time. It was May 2001, squarely amid the worst bear market since the 1930s, when she was promoted to president of Fidelity Management & Research and put in charge of investment operations. Who put her there? Her father Edward C. (Ned) Johnson III, whose own father founded the mutual-fund giant in 1946. So you could say she's had a comfort level most executives never enjoy. There's also the cushion of being worth nearly $10 billion as heir to the privately held Fidelity juggernaut. "She's cool and calm, and she works hard every day," says Eric Kobren...
Fifteen percent of the money in equity mutual funds--nearly $600 billion--is invested in low-cost index funds. Investors have one man to thank for making that option available to them: Jack Bogle, founder of the Vanguard mutual fund group and creator of the first index fund in 1975. Bogle's genius was to recognize that most investors--including the managers of mutual funds--underperform the market. Factor in the transaction and management fees imposed by traditional mutual funds, and investors fall even further behind the market. Bogle's simple idea was to create a fund that would track...
...light of the past years' revelations about mutual-fund abuses, Bogle seems remarkably prescient. He likes to say that his greatest accomplishment was "putting the mutual back in mutual funds." As he wrote in his senior thesis at Princeton, a financial enterprise must serve investors "in the most efficient, honest and economical way possible." In his 50-year career he has never wavered from those principles. Bogle's success in making Vanguard an industry giant demonstrates that it is possible to do right by the customer and still do well. --By Eliot Spitzer, attorney general of New York