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Technology Stocks : George Gilder - Forbes ASAP -- Ignore unavailable to you. Want to Upgrade?

To: Bernard Levy who wrote (5286)	11/15/2000 10:45:02 AM
From: Bill Fischofer	Read Replies (1) \| Respond to of 5853

Actually, Gilder's list has a very low turnover rate, certainly far less than the turnover rate for the typical "aggressive" tech fund manager. The LVLT flap is certainly an interesting development. Ironically, however, there is an aspect of this which neither Gilder nor most other observers have really highlighted. The fundamental quandry for both companies and investors is that optical technology is advancing at a rate far faster than it is possible to deploy it. The result is that any network that selects a particular technology will find that that technology is "obsolete" by the time it manages to roll it out across its network. This means that networks will always be hybrids of many different generations of technology. So just because Gilder says that LVLT no longer has a technology edge it's not clear that one can draw any meaningful investment conclusions from that observation. Increasingly the investor really needs to evaluate quality of management and a company's nimbleness as it responds to change since technology "leads" tends to be of fleeting importance as the never-ending game of leapfrog continues.