Venkie:
Hey, if you are in JDSU at 25, or CSCO at 10, or QCOM at 12 all the more power to you. You can probably hold them forever without fear. However, in using the term "clown" we generally are referring to people who were piling into tech stocks AFTER they became grossly and obviously overvalued, i.e, after October of last year. For example: QCOM at 160+, YHOO at 200+, MSTR at 200+, RMBS at 400+, AMZN at 100 and the perennial favorite, EBAY at 250+ (when its market cap exceeded Boeing's), without any apparent exercise of critical thought in relation to stock selection. Since very few people even heard of Uniphase or knew it by the old symbol before the JDS-Fitel merger, it was certainly not a clown stock back at 25. FYI, many posters on this board were long through most (if not all) of the recently expired bull market: Heinz, Marginmike, DAK and myself to name a few. How do the mutual fund disclaimers go? "Past performance is no guarantee of future returns!" The question remains as to whether the next 5 years will produce investment returns in networking, wireless or fiberoptic companies that are even historically average (i.e., 11%), much less the anomalous returns of the last 5 years. I agree that taking some off the table makes sense. Good luck. |
