Word: teche
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Other funds highlight the power of one woman. Catherine Muther, 52, of San Francisco, earned lucrative stock options as an executive at the tech firms 3Com and Cisco Systems. In 1994 she pulled $5 million from her purse to create a fund that supports everything from female entrepreneurs to girl athletes...
This turnabout points up a broad trend in the market. Dare I say it? New-economy firms are out of favor. Since March 31, the smokestack-vintage Dow Jones industrial average has risen 1,000 points, while the tech-laden nasdaq has gone flatter than steel slab. In that period aluminum maker Alcoa rose a shiny 55% and joined heavy industrials such as 3M and Phelps-Dodge in posting heady gains. Tech wonders, including Cisco, Microsoft and Intel, floundered...
...that kind of environment, which makes them far less vulnerable to the dark side of economic growth--inflation and higher interest rates. If rates, which have also been going up, keep rising, it will let air out of a lot of consumer stocks, like Wal-Mart and Merck. Tech stocks would also suffer. Rising rates are terrible for bonds...
...technology and big consumer stocks. One quick way to judge: look at your portfolio's return in April. Lose money? That's a sign that you may be overexposed to speculation.com A diverse portfolio would include cyclicals, whose com-like gains last month would have offset weakness in the tech-stock darlings...
This is no time to dump tech stocks wholesale. The information revolution will continue to shape the world economy for years to come, and profitable tech companies remain solid long-term holdings. But if you must lighten up on tech to broaden your portfolio, do it. Companies that build tractors, equipment, highways and skyscrapers--left for dead until a few weeks ago--may be in favor for a year or longer. The biggest cyclical names, like Caterpillar, International Paper and DuPont, have already had huge moves but probably still have room to run. Consider also an investment in a Wilshire...