Up, Up, then Doooown

For the No. 1 money manager, the year of the crash was a scary roller coaster

Of the many Americans who were hurt in the Crash of '87, few feel as let down as the millions who invested in stock mutual funds. Their money, after all, was in the hands of savvy professionals who, if they saw a disaster coming, would take the necessary precautions to ease the blow.

Wrong. More than 1 million households in Boston's Fidelity Magellan, the biggest and most celebrated mutual fund, watched the price of their shares plunge by nearly 23% in three days of trading. In an unusually candid and revealing series of interviews with TIME, Peter Lynch, Magellan's manager, offers...

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