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Technology Stocks : Semi Equipment Analysis
SOXX 348.51+5.3%Feb 6 4:00 PM EST
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To: Cary Salsberg who wrote (11625)9/17/2003 3:56:37 PM
From: Sam Citron  Read Replies (1) of 95889
 
Thanks for the lucid explanation of your conservative long-term approach to technology investment. What most fund managers tend to care about is trying to distinguish themselves by slightly outperforming their particular benchmark and their peer group, and the effort to do so often involves cute little techniques like adjusting relative weightings of small caps vs large caps at various points in the business cycle. They don't want to take too many chances by differing too markedly from the benchmark, because too many standard deviations underperformance for even one or two quarters and they might find themselves looking for another job so most tend to be "closet indexers" even though they are active managers. Such agency problems need not concern you or most individual investors. I think your KISS approach is far superior.
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