I was aided in this effort by Fidelity computer whizzes Guy Cerundolo, Phil Thayer, and especially Jacques Perold, who produced printouts of my biggest gains and losses. This list is more instructive than I thought it would be—even I am surprised by some of the results. The popular theory that small growth stocks were the major factor in Magellan’s success falls wide of the mark. I offer this review in the hope that it will serve some practical benefit to other fund managers and also amateur investors who might want to learn from my mistakes, or, if not that, anyone who might be curious about what worked for me and what didn’t. I have divided the material into three chapters dealing with the early years, the middle years, and the later years, in the style of diplomats who write their memoirs, only because it’s a convenient way to organize things and not because there’s any highfalutin importance about the life of a stockpicker, which I was and still am. Fidelity is not a public company.
