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Corning Inc. Message Board

  • CCD_SACAB CCD_SACAB Oct 31, 2000 5:36 PM Flag

    GLW reduced in the Dresd. fund anymore

    Dresdner RCM Global Tech Fund's Price Boosts
    Cash, Dumps Oracle
    By David Ward

    Francisco, Oct. 31 (Bloomberg) -- Dresdner RCM Global
    Investors Managing Director Walter Price Jr. has increased
    the cash portion in the technology mutual funds he
    manages for Dresdner and Wells Fargo Inc., and has sold
    his Oracle Corp. stake, he said.

    Price has
    increased the cash holdings in the Dresdner and Wells Fargo
    technology funds to about 30 percent from about 20 percent a
    month ago, citing a slowdown in the U.S. economy that
    could lead to a further decline in U.S. stocks,
    particularly technology shares.

    In addition to selling
    Oracle shares, the Dresdner fund eliminated its stake in
    Motorola Inc. It reduced holdings in Ariba Inc., Vignette
    Corp. and Corning Inc., according to Price and
    regulatory filings. Price told Barron's last month that
    Ariba, Motorola and Oracle were among his top 10 stock

    ``We're still worried about a hard
    landing in the first half of 2001,'' Price said in an
    interview with Bloomberg News. ``Clearly the economy's
    heading done, interest rates are high, so the question
    is: Do you hit hard, or slide into it?''

    Dresdner RCM Global Technology Fund, run by Price and co-
    fund manager Huachen Chen, was the second
    best-performing tech fund based on three-year returns, according
    to Morningstar Inc. Through Sept. 30, the three-year
    annualized return was 77.8 percent. Year to date, as of
    Sept. 30, it climbed 30.7 percent, and gained 183
    percent in 1999. After the broad selloff in Nasdaq stocks
    this month, the tech fund is up 9 percent this year.

    San Francisco-based Dresdner manages private money
    and mutual funds. Price also recently began managing
    a new fund, the Wells Fargo Specialized Technology

    Price said Dresdner RCM Global Tech sold
    its entire position in Oracle Corp., the world's No.
    2 software maker. Price said the company's shares,
    which are up 170 percent in the past year, are
    overvalued and he questioned the company's strategy of
    selling its software packaged as one product.

    Oracle, i2

    Price said that he believed Oracle
    Chairman Larry Ellison's strategy of attempting to sell a
    `suite' of software applications to businesses, similar
    to how Microsoft Corp. packaged and sold
    applications such as word processing and spread sheets
    together, wouldn't work.

    Instead, many companies
    are relying on buying software components from
    various vendors, known as `best of breed' buying,
    purchasing customer management products from Siebel Systems
    Inc., and i2 Technologies Inc. for supply chain
    management software for example, Price said.

    don't think the suite concept they are touting is
    getting traction,'' Price said. ``We're more cautious
    about Oracle than we were a month ago. We don't own any

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    • What a bunch of freaking morons. I think anyone
      that has money in the Dresdner RCM Global Tech Fund
      should get the heck out. These clowns have sold a number
      of great techs at bargin prices. Grant you, they
      bought much lower. Yesterday was the bottom. They sold
      at a low price. The object here is to buy low and
      sale high. Looks like their lucky there years record
      is in jeapordy with that stupid move.

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