Ian, I think it is a wise decision. You may want to look at some biotech which still have some serious growth which is not cyclical in them, I still like QLTI long term. I also think that the old stodgy T is shaping itself up to be a serious gorilla, FWIW. Last, other suppliers of "picks and shovels" to the internet are still facing some major non cyclical growth. In general, however, I fear that we are rapidly approaching a cyclical high in the market and overvaluations that are maintained only due to the very high excess of liquidity in this market. The IPO craze will eventually soak up a big chunk of this excess liquidity, and we may go (next year) into a more severe bear market, where some of these fine companies will be available at a very nice discount to present values, all, IMHO. In the meanwhile, enjoy the current bull, since it is not over "until the fat lady sings..." (VBG).
Zeev |
