David Rosenthal: belief

Transcript context

…Which is tough because if you grew up as a leader in that previous era and you believed in that philosophy, but this is what all of your customers, the investors want, what do you do? Yep. And Fidelity was the one that pioneered all of this. So Fidelity goes all the way back to the early Boston mutual fund scene, kind of like the same era as the Massachusetts Fund. They were always, though, like a kind of small bit player until the legendary Edward Johnson, known as Mr. Johnson, who had previously Ben Fidelity's legal counsel, takes over the firm right before the end of World War II. At the time, Fidelity is managing just $3 million, and the previous owners, who I think are, you know, retiring, they literally give Fidelity, the firm, to Edward Johnson for free. Wow. Because they just don't think it has much value?…

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