Investors are more aware of the risks associated with these offerings. We'll see more consolidation of technology funds and that's a healthy thing.

Too many tech funds were brought out in the 1990's and many of them were ill-conceived as long-term investments.

A lot of the companies these funds have invested in have run pretty hard. Chasing performance here is probably a recipe for disaster.

Investors should never go into a tech fund expecting stability.

I don't have a crystal ball, but travel is likely to slow.

You really have to be careful with taking the rear view approach with tech. If you pile on to what's been working, you could be in for a big shock.

The fund is fairly volatile. Investors need to have a long time horizon.

If you're thinking about buying an Internet fund, you have several options. But people are waking up to the risks of the sector. All of a sudden you've got a smaller group of people who want to take the plunge.

Any time you see a substantial deviation in returns with a fund compared to its category, it's usually because it's taken a substantial risk to get there. These funds aren't less risky now. It's just that the stocks they've invested in have finally started to come back.