He sees technology leading the rebound and advises investing in a broad mix of tech stocks to benefit from the turnaround. In the Internet area, he picks eBay as the company with the best business model and prospects. Feinberg, along with Orbitex technology portfolio manager Glen Frey, was a guest in a chat presented on Apr. 26 by BusinessWeek Online on America Online. These comments came from his answers to questions from the audience and from BW Online's Amey Stone. Edited excerpts from the chat follow.
Stocks seem to have stabilized lately.
Unfortunately, I still think that we need to go back and potentially retest the lows we saw the past few weeks. However, please keep in mind that recession is just a word. We expect the results of the current Fed easing and the associated liquidity to take effect either in late 2001 or early 2002. In essence, you're getting the core business for free and have a free option on UMC stock, which we believe can double from these levels. Over the long term, we believe that technology will lead us out of the current bear market.