I admit that it is a fairly subjective analysis of the tech cycle I made. But, I clearly said that some of the top companies grew past 1995, including INTC. Note that I was complimenting INTC. However, the majority of tech stocks had their peak earnings in summer/fall 1995. You cite some PC stocks, so let's look at the group. Back then, every PC company was growing profits nicely. Now, GTW, MUEI, HWP, IBM, CPQ, NEC, etc. are not . That leaves only DELL.
Regarding Fleckenstein's performance, the real numbers are outstanding, in stark contrast to your made-up numbers.
Tom |
