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To: AltLar who wrote (3702)	11/24/1997 7:14:00 PM
From: Tom L. French	Read Replies (1) \| Respond to of 95453

Larry With FSESX and the buying/selling. I know they will sell a bunch, but they also don't hesitate to jump back in just as agressively. Here is what I do. I watch the weekly and four week gains which are published in some papers, actually showing percent change, which is what matters. Don't know what you get (who knows where people here reside--I often wonder) but NY Times Sunday shows weekly percentage gains, Friday shows 4 week, and Thursday shows 13 week. IBD also shows 4 week, but they round off to whole percentages, which often mushes them all (Fidelity Selects) together too much. I look and compare FSESX (energy services) to the other selects/sectors, which is how I tell how it is doing. If it is in the top 5 it is doing well. Below that it gets iffy. Actually the first signs are in the daily, which is available in percent change lots of places, but also, again, in the Times every day (best benefit of their business section). Regards, TomLF

To: AltLar who wrote (3702)	11/25/1997 7:12:00 AM
From: MoneyPenny	Read Replies (1) \| Respond to of 95453

The select funds stay fully invested in their given sector. They are not allowed by charter to take their sector fund to cash. This is why you get the outrageous swings and why they exist in the first place. On any given year, the Fido select funds are always the majority of the top ten in return for any given period. The selling going on is from Contra, New Millenium as well as some others who made big energy bets. Will Danoff's record in making sector bets is one reason I have Contrafund. Schlumberger had been one of his largest holdings for a few years. Energy was 24% of his portfolio. Contra is so enormous (31 billion)that it can move markets just like Magellan. New Millenium fund probably was thrilled to have me buy my last block of GLM from them in October. I am sure the selling has been going on for months. Those incredibly important year end return statements must stand tall this year for FIDO.