Word: teche
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...chief investment strategist at S&P. Still, preceding that crash "we had a high volatility week and a high-anxiety weekend," he notes, adding that the current environment feels a lot like that. And so far there has been no cathartic sell-off, just a steady exodus, mainly from tech stocks. Market watchers would like to see capitulation--a panicky selling spree that flushes out all the worrywarts and sets the stage for the next bull market...
Macro issues aside, many stocks now trade at bargain prices. Sell now and you risk selling at the bottom. Ironically, a lot of tech stocks now trade higher relative to this year's earnings than they did even before the slide. So they still look expensive. But that's because near term earnings assumptions are falling faster than the stock price. If the earnings slump is temporary, as it most likely will be for blue-chip firms like Intel and Microsoft, the near term outlook should be ignored if you are a long-term investor. A better metric...
...along with video-on-demand, interactive TV and the ability to flash Libraries of Congress around the world at whim. Amazingly, the sellers of this dream overlooked the fact that many homes and offices connect to the 21st century fiber network with twisted-pair copper wires--late 19th century tech. These could hardly keep up with the bandwidth demands of the Napster...
...smash-hit video game Tomb Raider can tell you, Croft Manor is the home of Lara Croft, the aristocratic female archaeologist with an eye-popping physique and an Indiana Jones-size taste for travel and adventure. Croft aficionados, though, have never known the place to look this high-tech, or this highly detailed. They have also never met its other inhabitants: the butler, the sardonic tech geek who lives in a trailer out back, or Lara's late father, Lord Croft, who will appear in his manor's observatory packed in the dry ice of a dream sequence...
...still does. Biggs figures the bear market is 80% over, but that it will be three to five years before tech stocks dazzle again. Too many investors bought tech near the top, and they'll be selling into rallies for years, he says. Further, the tech-spending slowdown is gaining momentum. "A decline in IT spending by big companies like GE and Morgan Stanley hasn't even happened yet. It's going to," Biggs says...