John, more than a year ago, I advised my clients to diversify away from high flying tech stocks and into areas such as real estate investment trusts and certain oil producer stocks. I am a believer in holding well managed companies in growing markets, irrespective of what others may think of those stocks. So, while I held SNDK and QCOM for fundamental reasons, I also counseled my clients to get into areas with lower downside risk. And some of the high tech companies that I thought were risky (lots of debt and poor near term growth prospects), I recommended selling. Among those were a company known as Spyglass, which I was buying around 12, and which later went above 80 on a merger offer from OpenTV. I sold at various prices from 80 down to 40. The stock, adjusted for shares in OPTV, is now at about 9. Again, I emphasize that I invest for the long term, based on fundamental analysis, and see no reason for selling companies with good management and rapidly growing demand for their products or services.
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