From Today's Barrons. An excerpt.
'Despite the carnage, Callinan was hardly tearing his hair out-even though his Robertson Stephens Emerging Growth fund lost 10.9% from its close Friday, April 16, through Monday, April 19.
Callinan: People "pay me to take advantage of situations like this."
Actually, Callinan seems to be at his best during these meltdowns. For example, last fall, as the market tanked and investors quickly ratcheted down their tech exposure, Callinan was buying things like Amazon, Lycos and Excite. As these stocks all came roaring back in the fourth quarter, the portfolio chief banked big gains.
On Monday, he was hoping for a repeat performance. Instead of slinking away from the cyber stocks, he was embracing them. He added to his positions in Network Solutions, Knight/Trimark, Amazon.com, Infoseek and Inktomi. "I tell my shareholders, 'Look, the reason you're paying me is to take advantage of situations like this when they arise.' " ' |
