Cisco Systems Inc. Dow Jones Newswires -- February 8, 1999
Munder Portfolio Mgr: Fund Dropped Some Internet Holdings
NEW YORK (Dow Jones)--As Internet-happy investors launched the stock prices of World Wide Web companies ever higher, Paul Cook, portfolio manager for the Munder NetNet Fund, took some of his firm's Internet holdings off the table.
"We pared down on a number of pure Internet plays," Cook told CNBC Monday, including Amazon.com Inc. (AMZN), Yahoo! Inc. (YHOO) and Lycos Inc. (LCOS).
"That's not to say that those aren't, and don't continue to be, great companies. But their valuations have moved away from the fundamentals, and moved more because of supply and demand in the stock."
To expose his portfolio to the fast-growing cyber-sector, Cook has turned to the "enabling technology" of the Internet, what he calls "the pick-axes and shovels," or the behind-the-scenes companies that build the equipment and software needed by Web firms.
Among this group, Cook mentioned Oracle Corp. (ORCL), Cisco Systems Inc. (CSCO) and MCI WorldCom Inc. (WCOM).
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