Jeffrey Vinik, manager of the $56 billion Fidelity Magellan Fund, the world's largest and most closely watched mutual fund, "beat the pants off the managers of other large funds," in the words of one analyst. Yet few people were surprised last week when Vinik simply beat it, abruptly resigning from FMR Corp., Fidelity's owner. His replacement is Robert Stansky, until now a low-profile manager of Fidelity's Growth Company Fund.
While Vinik, 37, and the company denied that he was pushed--and he most likely wasn't--the aggressive manager had made the classic mistake of zigging when he should have zagged. Last year he...
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