In tough times, it's often more what you don't own than what you own that is important. We don't have a lot of dot-com stocks. Instead, we have focused on Internet infrastructure, and that has helped us outperform.
(IBD: MacKay thinks the worst might be over. He says the correction was probably caused by the Federal Reserve Chairman Alan Greenspan raising interest rates, even though earnings have remained strong in the tech sector.)
It looks like he's on hold for a while, and earnings will again come to the forefront.
Technology is going to be the best performing sector for the next five, 10 or 15 years.
~ Douglas MacKay, portfolio manager, Red Oak Technology Select Fund, Investors' Business Daily, July 7, 2000
(Red Oak Technology Select was up 45.69% in first half of 2000, placing it #1 on Morningstar's list of tech funds. Over the past year it was up 183.68%. Holdings include Brocade Communications, PMC Sierra, Juniper Networks, and Newport.)