On a day when the Nasdaq would end up closing at its highest since December 2000, Internet bubble survivor Kevin Landis of the Firsthand Technology Opportunities Fund stopped by Breakout to express a view of tech stocks that could best be characterized as cautiously optimistic. While his fund has recovered much of both its reputation and gains since the heady days of the late '90s, Landis sees the current environment as one in which patience is a virtue.
So what would Landis do with money he was looking to invest right now? He'd wait for a pullback for a chance to enter at lower prices. Landis has holdings in recent high fliers Baidu (BIDU), Sina (SINA) and Apple (AAPL), as well as a slightly stumbling Google (GOOG). But he has taken some profits in each and is keeping his power dry.
Landis's point is well-taken, especially by those of us who saw the Internet rally and burn along with him. Even the finest of firms needs to take a pause that refreshes, though stocks' general reactions to earnings season so far would suggest that rest remains somewhat in the future.
When pushed for an investment that could be made by viewers here and now, Landis's answer is to push his own mutual fund products. This is perhaps not quite the answer being sought by those who have remained long firsthand since inception and are still a double away from getting back to their cost basis.
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