It's more of a stock-picking market. But it's still a very diversified fund.

People gravitate towards Magellan and it really hasn't let them down for the most part, so I think it says a lot for our economy, it's followed our economy an is responsible, in large measures, for the success that consumers have today.

Peter was good with the media. He gave interviews, he talked about stocks with intensity, people liked that. He's a very, very smart guy. He's an acknowledged leader in the field. And that put a personality to the fund, to Magellan and to Fidelity.

People put a lot of money into equities in the 1990s and maybe they went overboard, ... This is not a signal to take your money out of the stock market and put it in bonds.

The big news is the fact that AOL has dropped out of the top 10 holdings in so many funds.

It's not like they were just sitting there with no one managing the store,