SOUTH FOR THE WINTER?

TECHNOLOGY STOCKS ARE THE DARLINGS OF THE MARKET, BUT THE ARDOR OF INVESTORS MAY BE BADLY MISPLACED

WHEREVER MAGELLAN GOES, PEOPLE follow. America's largest mutual fund, with $53 billion in assets, is so big that it creates a wavelike surge in share prices on its shopping trips through the stock market. In the days of the legendary Peter Lynch, who averaged a 29% return from 1977 to 1990, the fund spread the money widely, typically carrying about 1,400 stocks in such traditional industries as retailing and banking. But now Magellan is steered by Jeffrey Vinik, 36, who is managing a fund that is five times the size of the one Lynch left behind. And Vinik is doing boffo,...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!