Experience has taught us that paying high prices means more volatility. The way to make money on tech is to be in at the beginning. Without ready access to cash, funding for continued growth becomes problematic. But we think things will get better in the second half of the year as financial conditions ease, rates come down, and the economy improves. Because of these factors, I think these companies' growth rates will remain high.
Cisco is quite attractive at current prices and offers better stability than other tech companies.
Walt, your latest portfolio does not include Cisco. We actually do have a small position in Cisco. But the company's too large to meet growth expectations. Cisco's growth rate, like Microsoft and Intel a year ago, is currently being ratcheted down. But, as Gene said, even at a 20 to 25 percent growth rate, it's reasonably priced.