Word: vanderheiden
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...Fidelity sputtering? Says George Vanderheiden, senior vice president of Fidelity Management & Research Co., which oversees all the firm's mutual funds: "In the past, we've done very well in up markets and underperformed in down markets, because we're fully invested. But over the life of the cycle, we've beaten the market." This explanation raises a question, however: If Fidelity does exceptionally well in bull markets, why didn't it show spectacular returns in 1995, which was one of the best years the market had in this century...
...more conservative or reining in its young stars. Roger Servison, executive vice president of Fidelity Investments, says the company has "tweaked" the system. "It was not totally reinvented," he says. "But there is more control over risk management and better coordination within and among groups to avoid duplication." Adds Vanderheiden: "The culture of performance is still there. But they're saying, 'Take a little of the amplitude off the bottom and the top.' People here are grappling with how to do that." (To an outsider, taking the amplitude off the bottom and the top implies taking fewer risks and accepting...
...sponsors have a tremendous influence on the way Fidelity manages its portfolios. Those managers are reported to have been prime instigators of the changes that Fidelity made last March. Although Fidelity tries to downplay such corporate pressure, Vanderheiden acknowledges that it was "one of the top three of four" reasons for the moves...
...were consigned to passive, sedentary lives. Today, with the aid of microcomputers, systems as ingenious as Rob's are getting easier and cheaper to build. "The past few years have witnessed a tremendous increase in individuals and small groups that develop special aids for disabled persons," says Gregg Vanderheiden, director of the Trace Center for the Severely Communicatively Handicapped at the University of Wisconsin. "Microcomputers are making it possible for designers to develop sophisticated electronic aids...
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