Yet, the fund's shares outstanding have doubled over the period as old investors held on and new ones jumped in. Now that's fear. Another indication that investors are worried more about catching the next train than avoiding the next train wreck is the recent explosion in semiconductor stocks. Investors piled into the group when an analyst declared that things couldn't get any worse for chip-makers. Despite this enthusiasm, a turn around in chip fundamentals is hardly around the corner.
Prospects are bleak for end users across the board.
In the PC world, Emachines has announced that it's closing a number of sales and development facilities. Gateway says it will shut 27 stores to streamline operations. Dell plans to lay off 1,700, and Compaq says it will shed 5,000 workers. DSL companies are disappearing and surviving telecom players are pressuring equipment makers who are pressuring chip companies. The 45 pages of Cisco products appearing on eBay is anecdotal evidence of how tough things are for one of the country's premier chip customers.