Mercy! Mercy! That Dang Nabed PERCY!

Fidelity... What a Joke!

Fidelity… what a joke!

Today Linda and I went to Madison. I had a one-hour “One on One” to get better acquainted with my new Apple Laptop Pro. The session seems like such a blur, however, I’m getting more the hang of the new machine.

When we got home I dozed for a couple of hours. Last night I read until quite late and today I feel washed out. When I got home I had the letter from Fidelity telling me I had lost more than I anticipated. This is the same Fidelity that took a bath on MF Global in the EX Governor Corzine affair where they can’t find all that money. (He has no idea where the trillion plus went….duh!) Why anybody would hire a liberal politician from New Jersey as a responsible fudiciary is a real head scratcher. My suspicion is that Fidelity is trying to recover from their piece of the fiasco by spreading the losses over their entire portfolio. They claim that customer money was not involved but I don’t believe it. Can’t say for sure but my fund was supposed to be ultra conservative and no way it should have shown the loss they claim. Anyway I will be dropping them as one of my fund managers and looking for somebody I have more confidence in.

The question is how do you know when somebody stupid or reckless gets appointed to run a firm that has traditionally been well managed and starts speculating on Euro-bonds and other dumb things. If anyone out there knows the answer to that one please let me know. Fidelity sure as heck doesn’t.