Our guest this week is Joel Tillinghast, portfolio manager at Fidelity. Joel manages a number of equity funds focused on intrinsic value and mostly small-cap stocks—perhaps most notably, the Low-Priced Stock Fund, which he has managed since 1989. Joel originally joined Fidelity as an equities analyst in 1986 after famously cold-calling Peter Lynch to secure a job interview. He earned his bachelor’s in economics from Wesleyan University and MBA from the Kellogg School of Management at Northwestern and is a CFA charter holder. Joel’s track record is simply impressive. Morningstar recognized him in 2021 as Outstanding Portfolio Manager and in 2002, as Domestic Stock Fund Manager of the Year. After more than 40 years in investing, Joel is slated to retire as a full-time portfolio manager at the end of 2023. We’re so excited to host him on the podcast today to discuss his career and his insights.
Background
Bio
Fidelity Low-Priced Stock
Fidelity Global Growth and Value Class
Fidelity Global Intrinsic Value Class
Fidelity NorthStar® Fund
Big Money Thinks Small: Biases, Blind Spots, and Smarter Investing, by Joel Tillinghast
Value and Small-Cap Investing
“Don’t Judge a Stock by Its Price! That’s one of Tillinghast’s Stock-Picking Secrets,” by Anupam Nagar, economictimes.indiantimes.com, April 17, 2021.
“Happy Results Turned Up Everywhere You Looked,” by Tim Gray, nytimes.com, Jan. 17, 2020.
“Peter Lynch Protégé Joel Tillinghast: How to Avoid Value Traps,” by Johnny Hopkins, aquirersmultiple.com, June 25, 2018.
Investment Industry
“Fidelity’s Joel Tillinghast Was Out of Favor. Then the Meme-Stock Craze Happened,” by Justin Baer, wsj.com, Aug. 4, 2021.
“5 Traits of Successful Investors,” by Joel Tillinghast, oprah.com.
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Jamila Souffrant: ‘What Type of Life Do You Actually Want to Live?’
Dan Ivascyn: The Outlook for Bonds Amid a Covid ‘Aftershock Global Economy’
Damien Conover and Rebecca Springer: ‘We Are in a Healthcare Consumerization Moment Right Now’
Greg McBride: ‘Successful Saving Is All About the Habit’
Carl Vine: The Japan Earnings Story Has Legs
Meir Statman: ‘The Biggest Risks in Life Are not in the Stock Market’
Neil Shearing: What the Consensus Is Missing About the Current Economy
Matt Krantz: Yield-Chasing Investors Are ‘Asking for a World of Hurt’
Victor Haghani: Lessons From the Missing Billionaires
Peter Mallouk: The Financial Advice Industry Is ‘Still Very Messy’
Bryan Armour: Is Index Investing’s Superpower Unstoppable?
Anne Lester: You’re Bad at Savings and It’s Not Your Fault
JB Taylor: Small Caps Haven’t Been This Cheap in 25 Years
Sonali Pier: Don’t Rent Yield
Marc Freedman: The Case for Encore Careers
Roger Young: Visualizing Retirement Is So Important
Justin Leverenz: Emerging Markets Are ‘Incredibly Attractive’
Joel Fried and Al Mordecai: Upholding the Culture at Primecap Management
Jody Jonsson: The Case for a Global Portfolio
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