When the market falls
From The Wall Street Journal
What to do when the market falls? The Journal spoke to fund managers to find the answer. Kevin Landis, manager of Firsthand Technology Value Fund, said he goes shopping for sales. Paul Wick, skipper of Seligman Communications & Information Fund, tried to take some profits Monday. Landis has the best results of any mutual fund manager over the five years ended Dec. 31. His $1.2 billion fund is up an annualized 58.15%, according to Morningstar Inc. Wick has the best 10-year record of any single mutual fund manager, logging an annualized 29.86% return. The very best fund of the decade? Fidelity Select Electronics, up an annualized 37.50%.

PwC violates SEC rules
From The New York Times
The partners of PricewaterhouseCoopers violated various rules requiring no investment in companies audited by their firm, the SEC said yesterday in a report. Five partners have already been dismissed as a result of the investigation. The SEC said that 31 of the 43 partners in the firm's top leadership had committed at least one violation, as had six of the 11 partners responsible for enforcing the rules requiring that senior employees of accounting firms have no stake in the companies whose financial reports the firm is certifying as independent auditors. The investigation concluded with a total of 8,064 violations by partners and employees of the firm.
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The Boston Globe

Managers of the year
From CBS MarketWatch
Jim Callinan, whose RS Emerging Growth Fund rocketed 183% last year, was named US equity fund manager of the year by Morningstar. Said Morningstar, "Callinan's fund has been remarkably consistent, even when expensive small-cap stocks haven't had a strong tailwind." The fund tracker also said it selected the management team of the EuroPacific Growth Fund as the international stock fund manager of the year. Jerry Paul of the Invesco High Yield Fund was picked as fixed-income fund manager of the year. Charles Schwab and David Pottruck, co-chief executive officers at Charles Schwab & Co., were named "CEOs of the year."
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The Los Angeles Times  

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