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Strategies & Market Trends : Zeev's Turnips - No Politics

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To: Steve Lee who started this subject	5/3/2002 2:40:54 PM
From: Softechie	Read Replies (2) of 99280

Stubbornness Will Sink Some Funds By James J. Cramer 05/03/2002 08:55 -------------------------------------------------------------------------------- The haves and the have-nots are beginning to grow so disparate that the unthinkable is starting to happen: Some fund managers are beginning to turn the ship around, while others seem bent on taking the ship to the bottom of the channel rather than switch directions. Funds that concentrate on consumer products, defense and health care cost containment are beginning to make some real bucks. Firms that dwell in Asia and are picking among the markets of once-proud bourses like those of Japan, Malaysia, Korea and Hong Kong are beginning to make money. Firms that are willing to find growth in restaurants and homebuilders and hospitals are making some excellent coin. Meanwhile, firms that stick with the hardware, software, semiconductor and telecom themes are literally imploding before our eyes. Tech infrastructure plays are now so obviously hurting people -- not ailing performance, but killing funds -- that the managers dwelling in that house now can't bear to come out for fear of having to defend themselves. When you get this kind of dichotomy and it becomes glaring, things tend to snowball. Stocks of companies in technology that are actually pretty good companies -- Dell DELL , Microsoft MSFT -- begin to roll over with a shocking rapidity. Those who are hiding in the Brocades BRCD and the Emulexes EMLX find themselves hiding behind nothing. While those who own both Coke KO and Pepsi PEP look brilliant. There are plenty of people who think this dichotomy is revelatory. They tend to be people who were in high school in the 1980s. We saw a market identical to this in 1985-86. Those who regard that period as ancient history won't even get to repeat it! They'll just get blown out. Random musings: Still down at TheStreet.com's hedge fund conference, picking up lots of interesting ideas in the off-the-beaten-path areas that I love. --------------------------------------------------------------------------------

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