Word: teche
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...also no good if you can't burn a complete CD. My Roxio-made discs inevitably gave up and ejected themselves around track 12 or so, claiming lack of memory. After I spent several hours on the phone with them, Roxio's tech support sent me some updated software. Even that did not halt the alarming proliferation of coasters...
...what is tech's record? I looked at it three ways, starting with the Waddell & Reed Science and Technology Fund. Since its inception on May 16, 1950, the fund has returned an average of 12.4% annually--echoing the 12.8% return of the S&P 500. The Kemper Technology Fund, which started in 1948 as, get this, the Television Fund, is the only other survivor from that era. Its returns modestly top the S&P 500 during the past 50- and 25-year periods...
While interesting, these funds aren't all that useful because both have made big moves in and out of non-tech sectors such as pharmaceuticals, biotechnology and energy. And way back when, tech was an insignificant 5% or less of the S&P 500's market value...
...Modern tech funds--devoted to Silicon Valley--didn't spring up until the '80s, when tech was more than 10% of the S&P 500 market cap and on its way to 30% by 1999. (Today it is 19%.) Four of the five oldest post-1980 tech funds (see chart) have generated market-beating returns since inception. They have also consistently outperformed on a rolling five-year basis since the late '80s. For example, the oldest of the modern funds, Fidelity Select Technology, has whipped the S&P 500 and Russell 2000 in every five-year period since...
...hands of the wrong people, however, it became lethal. For months Calcutta's brokers have been pointing fingers at a Bombay operator named Ketan Parekh, a.k.a. the Big Bull. Parekh is a major-league broker who, starting last September, was taking mammoth positions in several high-profile tech stocks. When his positions topped the maximum allowed by regulators, he allegedly began placing orders through a group of Calcutta operators, including Dinesh Singhania, a local broker widely disliked for his lavish tastes and arrogance. Since most of these orders were financed with gray money, they couldn't be traced back...