Formerly About Applied Materials Message Board

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Politics : Formerly About Applied Materials

AMAT 223.95

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Nov 21 3:59 PM EST

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To: Proud_Infidel who wrote (25847)	10/29/1998 6:25:00 PM
From: Gottfried	Read Replies (1) of 70976

Brian and ALL, hilarious answer from Fidelity. This concerns their Select Electronics fund. From the prospectus... Q. How did the fund perform, Andy? A. For the 12 months that ended February 28, 1998, the fund returned 24.15%, compared to the 35.01% return of the Standard & Poor's 500 Index. Q. What was your biggest disappointment in the last 12 months? A. The inability to liquidate many of the fund's holdings in semiconductor capital equipment companies when conditions began to change in September. As I said, this group of stocks was the hardest hit by the Asian downturn. I did begin reducing the fund's positions in these stocks in the summer, but many of them had poor liquidity — or relatively few shares outstanding — and were difficult to buy and sell. I hate to think what would have happened had the stocks had liquidity. Gottfried

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