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Strategies & Market Trends : Fidelity Select Sector funds -- Ignore unavailable to you. Want to Upgrade?

To: Angler who wrote (305)	11/1/1997 11:12:00 AM
From: Curtis Cerenzie	Read Replies (1) \| Respond to of 4916

Angler, Let's look at this a little closer. Janus Overseas didn't have a problem reporting. They were down 2.75%. Pioneer Intl didn't have a problem reporting. They were down 3.77%. Preferred International didn't have a problem reporting. They were down 3.72%. Berman/Biam International didn't have a problem reporting. They were down 3.5%. etc.,etc.,etc., Fidelity Overseas was down .35% and Fidelity Diversified Intl was UP .1%. Did you get that? On a day when all of the foreign markets crashed and burned. Fidelity's fund was UP! I don't care if Fidelity doesn't get the quotes out in time for the newspapers to be published, but I do care if they don't get it accurate. And furthermore I expect them to rectify the situation when it occurs. That is why people use an institution such as Fidelity -- to be protected from such occurences. Now, you want me to believe that it was just fast market conditions that caused this? Then why didn't the other mutual fund companies have this problem? And let's not forget that all of the major international markets were closed at least 4.5 hours before our market closed. We aren't talking about obtaining quotes from the NASDAQ here. I am sure your advise to me is well intended but we aren't talking nickels and dimes either. We are talking a possible class action for all of those folks who chose to invest in several of the Fidelity international funds on Tuesday. I suspect we are talking about thousands of individuals that were cheated out of a very nice runup that the investors in other funds enjoyed. I took the risk like all of the other investors in the other funds, but Fidelity enjoyed a sizeable chunk of my profits. Oh, and by the way, my associates and I lost an estimated $75,000 with this fair market value. Hardly nickels and dimes. You can pull an 'old saw' out for any market situation there is, but reality is Fidelity has no right to arbitrarily determine fair market value (as it was explained to me) when the information is availabe to determine a closing market value for it's funds. When I ponder what it means to a free market when institutions begin establishing what they consider to be fair market value so different than the actual market value, I have to be very concerned. You, as an investor should be also. It opposes every theory of efficient and free markets there is. We haven't even touched on the manipulation that can occur on Fidelity's behalf in a situation like this. The rep was a supervisor, who had a prepared statement and backup to quote me over the phone. The first words of the conversation to me were 'this conversation is being recorded'. He didn't mix his explanation and he wasn't a trainee and he wasn't the initial rep I spoke with. I've got the right guy. It's just difficult to believe they can get away with this. Regards Curtis