Although
“In typical Fidelity fashion, they don’t really care about quarter-to-quarter or even year-over-year,” said Eric Kobren, executive editor of Fidelity Insight. “They continue to spend pretty heavily, especially on the technology side.”
“That’s good in that it is strengthening the diversification of their business lines, but it’s a little bit negative because management of the money is the most profitable and stable thing they do. As their revenue mix goes into these other things, they’re gong to start pressing their margins a little bit more.”