Mutual Fundsand Exchange-Traded Funds
Peter Lynch, Bill Miller, and Bill Gross are among the investors who made names for themselves in the fund industry. Lynch headed the Fidelity Magellan mutual fund for 13 years and posted an average annual return of 29 percent. Miller’s returns at his flagship fund, Legg Mason Capital Management Value Trust, beat the Standard & Poor’s 500 Index for 15 straight years. Under Gross’s leadership, the Pimco Total Return bond fund grew into the world’s largest mutual fund, a distinction that Fidelity Magellan once held.
Yet the fund industry may owe a bigger debt to the work of a university professor, Harry Markowitz, ...
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