I will never forgive myself for not buying this stock at the beginning of 1998. I don't even want to talk about CMGI, it makes my stomach turn. Every investor has that one stock that they knew about when it was small but didn't invest in, only to see it rise astronomically. CMGI is that stock for me, so let's move on. Most of my selections for our tech stock portfolio are based on the fact that prices are moved by psychological factors.
Investors rush to buy the latest trendy stocks.
Two years ago, it was the internet content sites, earlier this year it was the online brokerages. I think that PeopleSoft's future is a little clearer now. Part of the reason for the optimism is the fact that due to Y2K problems, companies stopped relying on their mainframes and switched to enterprise resource planning software, which PeopleSoft does. PeopleSoft has positioned itself as one of the leading suppliers of the infrastructure for this industry. It is actually ironic that PeopleSoft is replacing another B2B company, Elcom, in our portfolio.