Microsoft is a company that has reached the maturation of its cycle. That doesn't make it a bad stock but it's just not the growth stock it was in the late 1990s.

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Smaller tech stocks would concern me. Their valuations are almost back to 1999 and 2000 levels.

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Investors have lost sight of what these companies have to do now to comply with SEC regulations. There is no reason for anybody to give optimistic forecasts since you may put yourself in legal jeopardy.

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