Word: ned
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Stage Beauty opens with Maria (Claire Danes) standing wistfully in the wings while watching a performance of Othello’s Desdemona by her employer, London’s “leading lady” Ned Kynston (Billy Crudup). She mouths his lines with practised passion, for despite a ban on female actresses in public theater, Maria—surprise, surprise—harbors ardent aspirations for thespian glory...
Price wars are nearly unheard of in the mutual-fund industry, but last week Fidelity Investments, run by Edward C. (Ned) Johnson III, right, cut expenses on five of its index mutual funds. The move, which follows other fee cuts, like the elimination of many funds' sales charges, was a direct swipe at index-fund leader Vanguard Group and a nod to the increasing popularity of exchange-traded funds--low-cost baskets of stock that track particular indexes and trade on stock exchanges. Expenses on the five funds, which are pegged to such benchmarks...
...should quit the hand-wringing. Stocks may have a rough period for a bit. Typically, stocks fall 1.3% in the two months after the first in a series of Fed rate boosts, reports Ned Davis Research. But stocks rise 5.1% the two months after that and keep going up. So look for opportunities to buy. Lighten up on bonds, which lose value as rates rise. Short-term bank certificates of deposit and money-market accounts still offer paltry yields. But as the Fed swings into action, the payouts on these short-term instruments will rise. As long as rates move...
...couldn't have been handed the reins at a tougher time. It was May 2001, squarely amid the worst bear market since the 1930s, when she was promoted to president of Fidelity Management & Research and put in charge of investment operations. Who put her there? Her father Edward C. (Ned) Johnson III, whose own father founded the mutual-fund giant in 1946. So you could say she's had a comfort level most executives never enjoy. There's also the cushion of being worth nearly $10 billion as heir to the privately held Fidelity juggernaut. "She's cool and calm...
...which fund managers are interested in the stock, and file a research note to them. Now she's reinvigorating a performance-driven culture, giving Fidelity some sizzle by encouraging managers to make bigger bets on their best ideas. That's how Peter Lynch turned Fidelity into a household name. Ned Johnson has been speaking for the firm during the fund scandals that erupted last fall; he'll take the heat if trouble reaches Fidelity's doors. But very soon, trouble or no, his daughter will be in control--and by all accounts she's ready. --By Daniel Kadlec