Companies that can survive the downturn will reap the rewards, |
Disasters, whether natural or man-made, are forms of economic stimulus. Most of the replacement comes out of insurance-instead of out of normal cash flows. That's the reason that any disaster gives you a silver lining of economic recovery. |
Given that the whole world is not rushing to buy technology mutual funds right now, we'd have to sell something to buy something. For the most part our bets are down, |
I started the year cursing myself for being too late to the Apple story. I ended the year cursing myself in exactly the same way. |
I think tech equals growth. |
I've got two computers ? one is my Bill Gates computer and one is my non-Bill Gates computer. There are more and more things I can do on the (non-Gates) computer. It places real pricing pressure on the software that you'll pay for. |
If you have customers, you're in the game. You can evolve and make the business worth more. |
If you own the right companies, you'll be fine. |
One of the signs that Christmas is here is when you see the news stories about how people are doing more shopping online this year than they did last year. Think back to the last time you didn't see that headline at the holidays. And you're going to keep seeing it. |
People in that business are in it because they have learned to live with the instability. |
serves first and foremost as an incredibly visceral reminder of how much uncertainty you have in your world. |
Silicon Valley has been following this saga for many years. Intel had the technology lead and the manufacturing lead, then it had the brand lead. I got used to the idea that Intel was always one step ahead, but A.M.D. finally demonstrated that to be not the case, and the market is having to admit that to itself. |
The argument for optimism is stronger today than it was a year ago. I'm happy having most of my money invested in tech. |
The fundamentals for tech will be stronger next year but I'd be surprised if the stock performance was as strong. This year we had an economic recovery plus a bounce off the extreme pessimism we had in March. |
The heart of our success lies in a corps of several hundred medical and high-tech professionals who are also investors in the fund, |