Poppycock, says [PETER LYNCH], the portfolio manager of the Fidelity Magellan Fund, the nation's top mutual fund over the past 15 years. As the pundits debate whether this stock market is a bull, a bear or a bull within a bear, Peter Lynch is doing what Peter Lynch always does: he invests his customers' money in stocks. All of it.

It has been a frustrating year for Lynch. Like other mutual funds, Magellan was hammered during October's stock market crash and the fund lost 24 percent of its value in the fourth quarter. After Black Monday, the question "What's wrong with Magellan?" dogged Lynch incessantly.

Lynch apparently hopes Magellan's recent performance has silenced the skeptics who believe a fund the size of Magellan, at around $9 billion now, can't continue to prosper and it's too risky to remain fully invested in the stock market during uncertain times.