Me and My Fidelity Magellan
Posted in National stories
Feb. 15, 2008 at 08:14
by BrendaBee
Here we go again! My Fidelity Magellan is on another roller coaster ride. I have grown accustomed to this periodic hair raising swoop to the bottom over the many years I have had an account with Fidelity Magellan Mutual Funds, so hardly am sweating it now. Always before within a year the fund was back where it started it's tip right over the top and plunged to the bottom so I have faith that it will do so again.My attitude towards investing in the market has always been: It's money that really isn't mine anyhow until I decide to take it out.. And in fact it isn't mine since I made only one deposit when I opened the account years ago and have watched it grow and grow and grow. I am happy with Magellan, as who wouldn't be with the so-called Granddaddy of mutual funds, but with a 3% load and the hair-raising drops every so often unless you are a wide eyed optimist Magellan is not for you. So the money I don't care to play with I put elsewhere. Perhaps the return is no where like the Magellan Fund, but neither are the depressions quite so dramatic either.
So read the article and weep. But do not take this opportunity to sell out and take what you can and run. No, No, No! Not a good time to cash out. The idea is to "buy low" and "sell high" not the opposite. BB
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