Fidelity's World

The author tells the very interesting history of Fidelity Investments and FMR, from Ed to Abby Johnson, and through it, a history of the mutual fund industry in America. The author makes a case for Fidelity being an autocracy geared to selling shares in mutual funds at all costs. Certainly, the last few years have shed a lot of light on the seamy side of Fidelity. In Fidelity's defense, little is told of the "good guys" at Fidelity like longtime manager George Vanderheiden, and even the tale of Magellan is told haphazardly (what happened to Morris Smith?). Still, I found that I was pretty much unable to put it down for long, and it was pretty good read.

The book gives a broad and clear view of the growth of the mutual fund industry in the United States and the consequences it has to the investors, shareholders and managers of the public quoted corporations. However, it rambles on sometimes, making the reader forget that the book is about Fidelity and the dangers a company of such size pose due to the power it holds trough the family of funds it has, unless it is adequately regulated and overseen. Anyway it is a great reading for anybody interested in the development of the mutual fund industry. Congratulations to Diana B. Henriques