Let the advertiser beware
From The Wall Street Journal
"Caveat Emptor" is apparently not the SEC's favorite motto. According to sources, the SEC is considering misleading advertisement cases against two fund firms. The issue is whether an ad can be misleading even though it includes a caveat, if the caveat is in such fine print that it might be overlooked by many would-be investors. Many of the ads under scrutiny concern small funds that posted huge gains because of participation in IPO's, gains that are unlikely to be repeated as the funds grow. "Basically, you can't bury things in footnotes," says Douglas Scheidt of the SEC.

Vanderheiden leaves Fidelity
From The Wall Street Journal
George Vanderheiden, 54, a senior Fidelity Investments fund manager with a stellar long-term record, is leaving his portfolio manager position after two decades managing money for the Boston Behemoth. Vanderheiden is a member of the closely held company's inner circle and manages $36 billion in pools including the Destiny I and Advisor Growth Opportunities funds. He is leaving after recent sub-par performance, mostly attributable to his reluctance to invest heavily in technology stocks. Vanderheiden said the decision to leave was his alone and that he had been considering for years. He said he was tired of the grind and expressed frustration at his funds' recent performance in an environment that favors high-priced technology stock. As a result of the move, Bettina Doulton will take over the Advisor Growth Opportunities Fund, Stephen Peterson will run Puritan and continue managing his current fund. Karen Firestone, who will continue to manage Fidelity Large Cap Stock Fund, will take over Fidelity Destiny. 

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