So the company has decided its best solution is to sell its crown jewel: the iShares exchange-traded fund group, which has come to dominate the booming ETF marketplace the way Vanguard dominates index funds and Fidelity dominates actively managed funds.
Although there are other important issues to consider, funding so dominates the discussion and our collective vision of the future that we chose that as our focus.
At the end of February 2000 -- just before the technology bubble began to deflate -- 72percentt of all assets in Fidelity's sector funds were in technology funds or in utilities funds, a group dominated by once-hot funds that invested in energy and telecommunications companies.
Even the International Monetary Fund, long dominated by European and American leadership, is being challenged by China, Turkey, and maybe even India.
"To be frank, we were saved by the fact that the Total Return fund is dominated by small institutions and the like who have a longer time horizon than others".
In July, sales of bond funds dominated stock funds, extending a trend established in the first half of the year.
That notion has some grudging acceptance in the fund industry, at least for funds dominated by institutional investors.
The 71-year-old investor previously ran Pimco's $270bn Total Return fund, which dominated the bond sector for many years and was the world's biggest mutual bond fund at its peak.
Mr. Bacon is one of the last major practitioners of macro investing on the scale of men like George Soros and Julian H. Robertson Jr. Macro funds, which dominated the hedge fund industry in the early and mid-1990's, make big bets on the direction of global stock, bond, currency and commodity markets and use considerable amounts of borrowed money, or leverage, to increase the stakes.
