This is going to be a time that tests people's conviction, and people have thought often of how much money they can make and not enough about the question: How much can you lose? I'm reminded of a great quote by Warren Buffett when he said: 'It's only when the tide goes out that you see who is swimming without a bathing suit,'.
I think that in the high-tech area there were obvious areas of tremendous excess, and yet, of course, it's one of the great growth engines of the economy. Every investor thinking about the long term wants to own growth, but you have to buy it at a sensible price. And in the tech area, there are wonderful concepts, wonderful ideas, great productivity drivers, but still many overpriced issues.
I counsel anyone who asks me, they ought to get out of their adjustable-rate mortgage now if they're going to live in their house for more than three or four years.
Portfolio manager Bob Smith has been in charge since 1997 and is a very smart, capable investor who won't throw caution to the wind.
Also, the fund has become more diversified, where it was once almost solely pharmas and biotechnology.
I believe he still knows where they are and may still have access to them somehow, ... They're going to be so hot now I can't imagine anybody wanting them.
I really do have to sit down and make decision and it's hard to do. It's like I'm putting the city that I love behind us.
Hey, looking for a good time.