Even Fidelity Investments' Jeffrey Vinik doesn't always outsmart the stock market. His Magellan Fund is up 38% this year--but not because of his huge stake in General Motors. In January, GM showed up as one of Magellan's top 10 holdings; by June 30, Fidelity's combined holdings accounted for 8% of GM's stock. So far, it's a bad bet. On Oct. 17, GM showed Wall Street sharply higher third-quarter earnings, but its stock didn't budge. In fact, at $45.75 on Oct. 18, GM shares are up just 9% on the year.
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