Think again, if you want to trust your money with Mutual Fund Experts

I was doing guard duty last Saturday and I was bored enough to dig up an old issue of The Edge, a weekly financial newsletter in Singapore, dated August 4, 2008. I am sure some of you have heard of Fidelity, the world's largest mutual fund company that manages US$1.6 trillion. It is amusing to see how good they are at market timing and stock picking:

[Fidelity Magellan Fund manager Harry Lange]increased his holdings in insurer American International Group Inc by 20 million shares or US650 million at its average price in June and investment bank Goldman Sachs by two million shares, or US$351 million...

Magellan added [another] US$139 million worth of investment bank Lehman Brothers Holdings Inc in New York...

Ouch.