Fidelity’s Healthcare Investments Across Three Generations: WSJ’s Justin Baer

For millions of Americans, Fidelity is the name they see on a retirement account, investment fund or workplace benefits platform. Justin Baer, deputy markets editor at The Wall Street Journal and author of House of Fidelity: The Rise of the Johnson Dynasty and the Company That Changed American Investing, joins Solomon Wilcots on the Russo Edge for an inside look at Fidelity and the Johnson family. Baer explains how private ownership gave the company the freedom to make long-term investments without the pressure of outside shareholders, Wall Street analysts or activist investors. That structure produced remarkable continuity, with only three CEOs from three generations of the Johnson family over approximately 80 years. At the center of that story is Ned Johnson’s deeply personal interest in Alzheimer’s disease. After watching his father and older sister experience the disease and later receiving his own diagnosis, Johnson supported scientific research, brought leading researchers together and invested directly in companies working across brain disease and biotechnology. The discussion then turns to Fidelity’s extensive healthcare interests. Its presence spans health savings accounts and workplace benefits, investments in publicly traded biotechnology, pharmaceutical and health insurance companies, and venture investments in emerging life sciences and health technology businesses.