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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Knighty Tin who wrote (197099)10/12/2002 10:08:47 PM
From: ild  Read Replies (3) of 436258
 
Fidelity fired the good money manager and kept dulls

10/12 10:18
Ex-Fidelity Manager Muresianu's Hedge Fund Gets $100 Million

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Muresianu, 49, resigned as Fidelity Fifty's manager because he refused to follow orders from the biggest U.S. mutual fund company to cut the fund's cash stake, a move he said would hurt shareholders, according to memos obtained by Bloomberg News.

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Muresianu focuses his investments on two or three sectors instead of spreading the risk across many different industries. As of May 31, weeks before Muresianu left Fidelity, 30 percent of Fidelity Fifty's assets were in materials stocks, including gold shares. About 26 percent of assets were in energy stocks and 32 percent were in cash. The fund held no technology or financial shares.
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quote.bloomberg.com
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