FLPSX manager Joel Tillinghast's outlook from Semi-Annual Shareholder update

Investor

Fidelity funds semi-annual/annual shareholder updates are usually very brief. They follow the following standard questions:

Q. How did the fund perform, < insert manger name >
...
Q. What factors drove performance vs. the < index name > index for the six-month period?
...
Q. What specifically contributed to relative performance?
...
Q. What in particular hurt relative performance?
...
Q. What's your outlook, < insert manager name >?

Pretty dull. But I liked the answer Joel Tillinghast, the manager of FLPSX, one of the most successful fund managers at Fidelity given to the last question. His answer:

A. Is it possible to have an outlook if you question your ability to predict the future? Unless I have strong reasons to believe otherwise, I assume things will stay as they are. For some people, "as they are" means the latest data point breathlessly reported on television. But, as I see it, reality is a series of events, many of them contradictory. So predicting isn't what I do. And, since I am uncertain about what the future will bring, I need a strategy that can work in a variety of conditions. My strategy is to continue buying resilient, growing companies, but never, ever pay full price. I believe the strategy I have used for the past two decades has proven to be well suited for various investment climates, and that's what I remain committed to it.

I think this is a great answer.

Investor

He has performed great over the past 15 years.

http://performance.morningstar.com/fund/performance-return.action?t=FLPSX

Fund has 881 holdings but annual turnover is 19%. P/E, P/B, P/S, P/CF are all lower than category average.

All cap portfolio with a weighted average in mid-caps. 1/3 international. In other words, this fund can now be considered a global fund if you are looking for a global fund.

Sven

Reply to @Investor: Since his short sabbatical, the management team has expanded to a total of 7 co-managers, who would be in a good position when Tillinghast decides to retire. This is one of my longest holding in the past 10 years.