A Cool Head For Hot Tech

摘要

For investors in tech stocks, what's the "next big thing"? Giving up, I'd say. Google-mania rules the headlines (the company went public in August and the stock doubled in five months). But away from the glitz, investors are drifting toward newer hot spots—energy and real estate. More than $5 billion flowed out of the $50 billion tech-fund group last year, says the consulting firm Strategic Insights, and the pace is picking up: an additional $2.5 billion fled in the first two months of 2005. Techs had a good run in 2003, reigniting hope in the hearts of Cisco diehards. But the group fell behind in the past 12 months, and now it's "leading the market down," says bearish analyst Fred Hickey, publisher of the High-Tech Strategist. Since February, Google has dropped 21 percent.