Word: mutually
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Dates: during 1990-1999
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These should be heady times for Fidelity Investments, the mutual-fund giant that manages $450 billion worth of other people's money--very probably including some of yours. The Dow Jones and Standard & Poor's 500 both hit record highs last week, confounding expectations that a serious stock-market correction was at hand. The flow of money into mutual funds this year is torrential, and has already set an annual record. But Fidelity, the biggest fund company of all, known for its arrogance and aggressiveness, is under unprecedented strain. Some of its biggest funds are lagging behind the benchmark...
...known as Ned. In a rare interview, the man who created the money machine is quick to point out that though Fidelity's most popular fund, Magellan, is struggling, it "still beat 82% of all equity funds" last year. But Ned Johnson's company, along with every other mutual-fund operator, bank, brokerage and insurance company, finds itself in an escalating battle. As baby boomers save for retirement, college for the kids or a rainy day (say, when the Social Security system collapses), their investment rates will soar. Mutual funds have topped $3.145 trillion in assets...
...mutual funds, Fidelity has led the way in customer service, and it aims to distance itself from competitors. The company pioneered such techniques as automatic transfers over the telephone, and is developing a slew of advanced phone and computer products to speed the transactions. Fidelity also sees new markets in the thousands of corporations for which it administers 401(k) plans (including this magazine's parent company, Time Warner). It wants to persuade those customers to let it handle data-dense departments such as medical insurance, human resources and payroll as well. The attraction for corporations is lower cost...
...beat an average, then you aren't investing with any more skill than you would if you chose stocks randomly. How hard is it to beat the S&P 500? Really hard. Over the past five years, 63% of all diversified-equity mutual funds have failed to do so. The greatest Fidelity performer of all, of course, was Peter Lynch. During his 14 years of managing Magellan, he averaged an annual return of 29.2%; the S&P 500 index rose...
...understanding of the petition was that it would not force anyone to do anything. The two groups must come to a mutual agreement," said Sullivan. "We should strive to reach an agreement with the landlords, the city, and tenants on a voluntary basis to achieve affordable housing. I was not focusing on the past when I signed the petition but rather saw something to reach for in the future...