Word: vanguardism
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Fidelity Investments remains the 800-pound gorilla of the mutual fund world, with $1.1 trillion of assets under management. But fund companies like Vanguard and American Funds are growing faster, which is why Fidelity this week intensified its makeover by replacing the manager of its most visible fund, the $52 billion colossus Magellan. Market-lagging Robert Stansky, who had headed the fund since 1996, has been replaced by Harry Lange, former manager of the Fidelity Capital Appreciation Fund...
...Magellan, once the largest stock fund of any kind, has seen its assets shrivel to less than half its peak of $110 billion in 2000. It lost its biggest-fund title to the Vanguard Index 500 in April 2000, and isn't even Fidelity's largest fund today-it now trails the $56 billion Fidelity Contrafund. But Magellan remains by far the company's most visible-and hence most important-fund. During half of the years in the 1977-to-1990 tenure of the incomparable Peter Lynch, the fund recorded gains of more than 30%. To some of the company...
...however much I loathe you, I worry even more about your inheritor. My deepest fear, Core, is that the Gen Ed vanguard of today will produce a report so dodgy, so obsequious to “internationalism,” that it will only recreate you into an even greater monstrosity...
TIME Your book trashes the fund industry for its high fees and misleading ads and advises folks to stick with index funds. Didn't John Bogle at Vanguard beat you to this drum by, oh, a couple of decades...
Dylan was a sensation in the small folk world as soon as he started writing his own stuff. Turned down by Baez's label, Vanguard ("We don't record freaks here," the bosses supposedly said), he caught a wild break when legendary producer John Hammond signed him to the ultraconservative Columbia Records. In less than two years, Blowin' in the Wind was a smash for Peter Paul & Mary, and two years later, Like a Rolling Stone...