Joel Tillinghast
The Guardian
What holds, and what fails, under pressure, standards and accountability.
Joel Tillinghast, portfolio manager of the Fidelity Low Price Stock Fund, reads as The Guardian through fiduciary discipline that subordinates ego to client outcomes. His willingness to cite index funds as a legitimate accountability benchmark for his own performance is rare custodial honesty.
“What you're trying to do creates your blind spots. So most of the time, the fattest piece of the momentum, profits of the momentum investor come when the stock is above fair value and it's just a colossal piling on.”
“So we didn't get to the other 800 companies. Although some, it might have to be three because some of those are 25 basis points of the fund, but 10% of the company. So they're concentrated holdings of a small company. And on that, there are people who say it's too small to make a difference, but do it anyway.”
“Yeah, and looking for what I think Will is looking for, which is adaptive companies that have a strong hand to start with. Nobody knows the future, but some companies are more adaptive than others. Next, a UK retailer the fund holds, used to be mostly High Street stores with a catalog business.”
“Supposed to start at 9 o'clock, and I thought they would be done by Noonish. And my dad was going to meet me there, Nunish. But the interviews kept going on. And around 2 o'clock, it got brought over to Peter Leach's office. And Peter had lots of people dropping in. Peter was a great believer in the two-minute drill, the quick pitch.”
Masters in Business: “Joel Tillinghast on Fidelity Investments”
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