In the On State Street column, Beth Healey reports that Fidelity is beginning to look a lot more like a bank. Last week the Boston Behemoth cut the phone line for some frequent callers who had been running up the phone bills. This is just part of its strategy, Healey reports. Fidelity's discount brokerage arm is also debuting an "inactivity fee" of $15 a quarter for investors who don't make at least two trades a year in stocks, bonds, options or funds, according to the report. Fidelity will wave the fee for investors who keep their account balance at or above $30,000 -- or if they generate at least $100 of margin interest annually.

This is the strategy of a bank, concludes Healey.

To get the feel of the yesterday's record breaking events on Wall Street the MFWire.com recommends the reading the entirety of the New York Post Business section. Our own reporters visited Exchange Place and we can report that the weather was sunny, but a chill ran through the air. And, oh yes, we missed out on the Dow 10,000 baseball caps (maybe at Dow 100,000!).

Want to know the story behind the recent outages at E*Trade, Schwab and other online brokers? The San Francisco Examiner takes a look in its lead business story.

The Nevis Fund provides another example of why concentrated funds are hot. Today's Wall Street Journal reports that this little known fund is one of the top five performing funds so far this year -- despite only having one-third of its assets in Internet stocks. Its secret? It has bets on only 15 companies.

The same article also reports that Mainstay Convertible will reopen to investors.  

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