"They could have done the deal in the room," one portfolio manager said.

But 27 percent of all portfolio managers are at least 50 years old.

Under such conditions, the portfolio managers simply could not do well.

"Portfolio managers simply do not believe this will last very long," he said.

In 1980, he was promoted to the role of a portfolio manager.

"I don't see a bottom right now," said a portfolio manager who asked not to be named.

"In some ways, there is nothing more fun" than being a portfolio manager, she said.

Since the beginning of 1996, 22 portfolio managers have left Fidelity.

"There is a small list of portfolio managers who think I have something to deliver, and we talk."

"Sometimes the rug just gets pulled out from some of those portfolio managers."