Thirty years ago, investment management was largely a boutique business where fund managers graciously agreed to pass on their wisdom to clients in return for a hefty annual fee.
These were great days for star managers. I interviewed Jeff Vinik back in 1995, then running the world’s largest mutual fund, Fidelity Magellan. He let slip to me that the fund had added a billion dollars in value that morning. Good news for Fidelity’s fee income.
Back then, a large number of fund management…
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