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Odd: not a word here or in Morningstar's discussion boards

about the hiring of Harry Lange from Fidelity Magellan (FMAGX). It's been a wretched fund for a decade and has declined in size from $100+ billion to $17 billion. That said, the fund is huge, iconic and the beneficiary of all of the analytic support Fidelity could pour into it. It was headed by their (latest) young star, who's now out and replaced by their latest young star.

And through it all, a murder confession in North Carolina receives six times the number of press mentions.



  • edited September 2011
    People just going from one hot fund to another, and sometimes a fund stays cold for ages. Heebner's CGM Focus was iconic - to the point of Cramer mentioning it on "Regis and Kelly" as his "favorite mutual fund" (which I thought was that fund's peak moment and a bizarrely aggressive recommendation for that audience), but I haven't seen anything about it (aside from Heebner's occasional appearance on CNBC, where they - of course - don't ask him for a moment about why the fund has done how it has for the last few years.)

    There's also much less discussion (aside from my admittedly joyfully snide comments about the fund, which continue on) of Morningstar's "Manager of the Decade" around here than there was a year or two ago, where he was practically (heck, take out practically) being worshipped by some.
  • I suspect that no mention has been made with regard to replacing Harry Lange with some other Fidelity superstar is because, from the perspective of MFO Forum participants, that overdue substitution is a non-event. Given its dismal record, Fidelity's Magellan (FMAGX) fund was abandoned by most of us decades ago.

    Magellan was the second fund that i purchased in the early 1980s. I sold it when Peter Lynch took his leave. So did I.

    I find it intriguing that the man who is now the manager of FMAGX still retains his other fund management duties. That does not inspire confidence. Is it yet another "bridge too far"? I suspect other changes are forthcoming soon.

    Best wishes.
  • Where did You find your source on this??

    I went to fidelity web - nata word att
  • Reply to Gary,

    I stumbled across the news in a story of which I don't recall; on Sept 13. I did look at this site for followup, as they offer some Fido news without being a member. This link is a good overview.

  • I think its a "who cares"
  • edited September 2011
    This was on Sep 13 at M*. There are a few user comments at the bottom.
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