Word: mutuals
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Dates: during 1980-1989
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...bought the liberal tabloid New York Post and turned it into a paper conservative and vindictive in its politics and sensational in its news coverage. Many of his fellow editors and publishers consider him an embarrassment to their craft and a barracuda as well; the lack of respect is mutual ("Most American papers," says Murdoch, "do a few outstanding things, then coast"). Suddenly, however, Murdoch's bold reinvention of cynical, rowdy journalism is in jeopardy...
...pattern of complicity between drug operators and those charged with stamping out their trade, were three former Mexican police officials. "In what we do for a living we depend on the integrity of our law enforcement counterparts," said DEA Chief John Lawn. "In the case of Kiki Camarena, that mutual trust failed...
...then frittered away by hedonistically juvenile executives. The second tradition is that of the star schmooze, in which second string critics from minor newspapers in unimportant cities have lunch with celebrities while asking questions like, "So, what was it like working with Eddie?" as though Mr. Murphy were a mutual friend...
More than a vacation was wrecked. So was Lynch's aura of invincibility. For ten years, Lynch, 43, had been the wunderkind of the investment world, the man who could do no wrong. Magellan was the brightest star in the galaxy of mutual funds offered by Fidelity Investments, which manages more than $75 billion for investors. Between 1977, when Lynch took over Fidelity Magellan, and the beginning of last October, the value of the fund's shares grew by more than 2000%. A $1,000 investment made ten years ago was worth $21,437.70. No other mutual fund came close...
Lynch's peers in the money-management business think that he came through the crash remarkably well, considering the enormous size of the fund he had to handle. Says Barton Biggs, a global strategist for Morgan Stanley: "Lynch is still the most consistent mutual-fund manager in the country, even if he does not outperform the market every time. None of us are supermen in a prolonged bear market." Agrees Anthony Thatcher, a portfolio manager at Scudder Stevens & Clark: "Lynch's reputation, though somewhat tarnished, is not obliterated...