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smartmoney.com
Bob Turner
Despite the bitter downturn, Bob Turner, chief investment officer of the $12 billion Turner Investment Partners, insists there are positive signs for investors. The biggest: the Fed's 2001 interest-rate cuts and the promise of more to come. Another: Movement in some growth stocks. "I'm a burned optimist," he says, chuckling. As head of a growth-oriented shop that includes the Turner Top 20 fund (TTOPX) and the Turner Technology fund (TTECX), he has indeed been burned over the past year. Recently, though, some of his holdings have traded upward on bad news — in his eyes, definitely a good sign. The price of chip maker Xilinx (XLNX), for example, climbed the day
after the company preannounced a "dreary" quarter last Monday. Still, Turner isn't sure we've reached a bottom. "I would have thought in early January, once the Fed cut rates, that was a bottom there," he says. "Hopefully this is just a test of the previous low, and we begin to move up from here."
Turner, who focuses on earnings estimates, is particularly optimistic about Juniper Networks (JNPR) and two
application-software developers: BEA Systems (BEAS) and Micromuse (MUSE). He's also glad he's holding Dell
Computer (DELL), which he calls "an outstanding relative performer" this year, along with Microsoft (MSFT), which has gotten a slight boost lately from Windows 2000.
Nonetheless, he thinks semiconductors will be the first tech stocks to recover as a group. In anticipation, he recently repurchased Advanced Micro Devices (AMD) and Texas Instruments (TXN). He has also returned to mainframe software players such as Computer Associates (CA), Compuware (CPWR) and BMC Software (BMCS) after staying away for several years. "It does look like there's enough of an upgrade cycle going on in mainframes, particularly at IBM(IBM), which we also own," he says.
Turner has covered tech stocks for 15 years and he insists that the ever-expanding sector isn't going away.
"Corporations and individuals benefit dramatically from its use," he emphasizes. "But you do have cycles, and we're probably at the bottoming phases of one of those cycles." Eventually, he adds, "this probably will be reflected upon as a good time to have gotten involved in tech."
netcog.com
Jim Glickenhaus, Glickenhaus & Co. (II)
Author: L S Madski
Report Source:
Jim Glickenhaus
(Added 3/9/2001 2:06:29 PM)
Jim Glickenhaus, fund manager and President of Glickenhaus &
Co., was today's guest on CNNfn's "Talking Stocks" portion of "The
Money Gang". He gave his market views and answered questions
on specific stocks.
AMD- no one knows where anything is headed. Technology is way
oversold. AMD does have a good microprocessor. If you want to
invest in technology, pick the great companies, and bet on them for
a long time.
EMC- a great company. Question is what is it worth. I am bullish
on EMC. There is an incredible need for storage, and growth will be
strong. Good management.
CSCO- great company, way down. Time to buy is when they are down.
CMGI- problematic. Internet will be here a long time, but it is
difficult to know how to make money from it. I prefer semiconductor makers. |
