An amusing note in this bear market. Below is a quote from a value fund manager:
<<It's redemption time for value fund managers, who for much of the 1990s got slammed for failing to tap into heady economic growth and the tech craze.
``I compare what has happened to being in a circus and on a trapeze where a lot of people were doing twists and turns, and it looked wonderful while it as happening,'' said David Roberts, who runs the Northern Large-Cap Value fund. ``But they didn't realize they were doing it without a safety net.''>> biz.yahoo.com
Am I the only one who thinks that it is ironic that someone who missed out on most of the runup in growth stocks and will likely never catch up in terms of profits, is now claiming that his views are vindicated. Even more remarkably, vindicated by a spike down in the market that created huge returns for others and which is still, for many large cap growth stocks, much higher than it was when he was probably avoiding it. As with most things, success is not measured by the minute or the day, it is measured by the tally when the contest is ended.
I'm using up a little cash for an entry position in three five systems (tfs), and for aviron (avir), a biotech co that is awaiting an fda decision on flumist vaccination. Both are risky, especially avir. In my opinion both are far lower than the risk and their upside warrant, even in these market conditions.
I'm looking for something that will indicate to me that it is time for a trading opportunity in the techs. I haven't seen it yet, even in the face of these sell offs. Ed |
