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To: David Petty who wrote (19491)	6/1/1999 11:10:00 PM
From: David Petty	Respond to of 41369

Who the heck is Rodney Williams? It is hard to believe that 5+ hours have passed and no one has flamed me. Obviously that should have read "Rodney King"... Rodney Williams is one of my friends here in Greensboro. Back to AOL: BUSINESS WEEK ONLINE June 1, 1999 Q&A: The April to August Slide in Tech Stocks It's normal, says portfolio manager Alexander Cheung. Here are his Net picks With summer approaching, the stock market may continue to slide a bit more, predicts Alexander C. Cheung, senior portfolio manager of the seven-month-old Monument Internet Fund. Tech stocks, including Cheung's specialty, Internet stocks, are particularly vulnerable between April and August, he says. Cheung discussed his criteria for selecting Net stocks, mentioned non-Net companies that will benefit from the Internet explosion, and listed his top Internet picks in a chat hosted by Business Week Online on America Online on May 27. Here is an edited version of Cheung's responses to questions from the online audience as well as from Business Week Online moderator Jack Dierdorff. Q: Where are we headed? Will the market continue to slide from here? A: I would say there is a very good possibility that the market can go down a little bit more. However, investors have to put it in perspective. In less than four months, the major indexes have gone up 15% and it is not too unreasonable to see some profit-taking. Unfortunately, Internet companies are lumped together with the tech sector even though they are more than just technology stocks. Tech stocks tend to be weak between April and August every year. If you look at seasonal fluctuations, even the more established tech stocks, like Microsoft or Intel, will shift as much as 60% or 70% from their low to their high during the year. So the tech sell off of the last few weeks is quite normal. Q: What are your top five Internet picks? A: We like America Online, CMGI, RealNetworks, Yahoo, and DoubleClick. Q: Are you concerned that broadband might adversely affect AOL's future? A: On the contrary, broadband will help AOL's future. AOL is the best content aggregator on the Net. It has already grown beyond being just a technology company to become a mass marketer for the Internet. It doesn't really care what platform it uses although broadband would help the bottom line. Q: What are the best long-term company bets on Net connectivity? A: In the next five years, cable and DSL (high-speed digital subscriber line technology from phone companies) will probably run neck-and-neck in the broadband race. However, beyond the next five years wireless will be the piece that fills the promise of the Internet becoming ubiquitous.