Word: teche
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Dates: during 1990-1999
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...goes, anyway: Give it up, Peter Lynch. This stuff about never having worked on a computer and wanting little to do with technology stocks is stale. Very stale. You've got good company in Warren Buffett, another totemic technophobe. And I'm not saying to load up exclusively on tech stocks. But it's plain silly to encourage plain folks to avoid them. They're not that difficult to understand. If you can figure out Maytag, you can handle Dell...
Whew! Any incoming? Taking on Lynch and Buffett at their own game is perilous sport. They're the nearest thing to omniscience Wall Street has to offer. But I've been thinking a lot about both men's no-tech dogma since last spring. That's when Buffett told thousands at Berkshire Hathaway's annual meeting cum Buffettfest that he won't buy tech stocks because he doesn't know how to value them, and Lynch glibly confessed to thousands more at a fund-industry conference that he doesn't know how to turn on a computer. Lynch's point...
...some things are worth knowing. The tech-laden NASDAQ index is up 50% this year. That's right, 50%, and it's not all that unusual. In successive years since the last recession (1991), the NASDAQ has risen 56.8%, 15.5%, 14.7%, fallen 3.2%, risen 39.9%, 22.7%, 21.6% and 39.6%. It has beaten the Standard & Poor's 500 six of the past nine years (including this...
...everyday life. It's e-mail. It's the government wanting to bust up Microsoft, Y2K threatening the globe, the Internet challenging the mall. Ignore it? O.K. But then forget about beating the market, and go buy an index fund. Really. You'd get a market weighting in tech stocks (24% of the S&P 500) along with low expenses and tax-efficient management. That's a great deal...
...trying to do better, though, tech stocks are critical. Of 1,958 diversified stock funds, 673 were beating the S&P 500 through October. Only 16 of them have less than 5% in tech stocks, Morningstar reports. Since 1992 only 1 in 5 diversified funds that beat the market each year did so without a slug (at least 5%) in tech...