Investing
A Longtime Fidelity Manager Sold GameStop, and Has Some Regrets
- Joel Tillinghast says ‘I kick myself’ for selling before surge
- He won Morningstar’s outstanding fund manager award this week
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Joel Tillinghast has managed the Fidelity Low-Priced Stock Fund since it was created about 32 years ago, hunting for companies with shares that trade at bargain prices relative to their earnings potential. In 2020, a suffering video-game retailer called GameStop Corp. fit that bill.
So when the company’s shares suddenly started moving higher at the start of the year, he did what his more than three decades of value-investing experience told him to do: he sold the fund’s entire stake for a profit. And yet, after seeing the staying power of the rally in meme stocks fueled by Reddit forums, even Tillinghast has some regrets.