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Strategies & Market Trends : Fidelity Select Sector funds
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To: Julius Wong who wrote (4314)3/25/2002 8:44:02 AM
From: MoneyPenny  Read Replies (1) of 4916
 
I will continue to hold FSAGX and add on periodic weakness (not much lately though). I also have Select Defense which I bought on the day the market swooned after September 11, September 21st. I also have FSESX which I used to routinely change out with FSELX as they used to run counter to one another. With the PE ratios of most stocks at record levels, I think it pays to be defensive. As always, I am grateful for your screens Julius. Mr. Wong is never wrong.

For those who are high on home builders I can offer some fundamental anecdotal information: home building and buying is reaching bubble proportions here in Southwest Florida (think Naples, Sanibel, Sarasota). These buyers are not necessarily furnishing these homes at this time which is not good for my business (interior design). I think money is being stashed in waterfront real estate as people feel it is better for long term gains than the market. Also a six million dollar beach house receives more advantageous tax treatment when sold. Last year lots of people were buying here and flipping the houses (buying pre-construction and selling immediately on the close). Our design business is off severely.

I'm into capital preservation these days and income wherever I can get it. Selects are now 20% of my mutual fund portfolios, down substantially from a few years ago and my selects are defensive as above. I still like gold as the world pressure builds against the gold "carry trade".
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