Why did the fund beat its peers during the bear market?
Back when I took over Fidelity Trend in May, 2000, the market had already peaked in March. Even so, things still sounded pretty good in summer of 2000. It was easy to get caught up in all the excitement. I remember meeting one of our analysts at John F. Kennedy Airport in September, 2000. He’d just come back for a meeting with Nortel (NT ), a telecommunications-equipment company. There was a clear change in tone. He had a conversation with one of management members, who made some remarks about growing inventory. That was warning No. 1. Then we went over to Europe. The message we took away from a lot of those telecom companies there was very similar. I remember calling our trader in New York and asking him to start scaling back. The more work we did, the more meetings we had, the more cracks we found. The cracks we found only grew wider and larger. By the time stocks imploded, I was out of them. Q: Now how do you feel about the telecom sector? A: We started getting back into telecom las
