If you felt sorry for the cockeyed optimists who were buying up orphaned tech stocks in the depths of a bear market and apparently losing their shirts (see my column, Nov. 22, 2002), you may now stop feeling sorry. The hedge fund managed by Scott Bedford and Peter Schleider, Peninsula Technology Fund, reports that this year it is up by 132%, net of fees and expenses. Now unfolding is a progress report affixed to a short sermon. To refresh your memory, Bedford and Schleider saw the millennial stock market bubble for what it was. They inveighed against it, sold it short and were glad to see the back of it. In the aftermath they watched once impossibly overvalued stocks become stupendously undervalued. They raised just a pittance, as Wall Street counts money―only $17 million―to invest in Internet and software companies, a market segment that had commanded a peak valuation of $1 trillion. They opened for business on oct. 1,2001.
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