Joel Tillinghast
The Guardian
What holds, and what fails, under pressure, standards and accountability.
Joel Tillinghast, portfolio manager of the Fidelity Low Price Stock Fund, reads as The Guardian through fiduciary discipline that subordinates ego to client outcomes. His willingness to cite index funds as a legitimate accountability benchmark for his own performance is rare custodial honesty. He frames alpha as principled avoidance of ethical and structural failure rather than aggressive capture, and his public self-correction through published lessons shows a steward who guards capital by guarding his own judgment.
“If we can't beat the indexes, I'd say we're serving our customers better by doing that. Fidelity strives to be customer driven. We want to offer whatever serves the interests of our customers best.”
“You add alpha by avoiding businesses that are run by crooks. You add alpha by avoiding businesses that are run by idiots that have bad capital allocation or no business strategy.”
“Be cruel to yourself so you don't do it again. Why do I emphasize free cash flow more than analyst adjusted earnings? It's because that was so difficult.”
Masters in Business: “Joel Tillinghast on Fidelity Investments”
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