Doug MacKay on investing in dot-com equipment providers (2000)

I guess if I had been in business in northern California during the 1860s, I would have been selling pots and pans and digging tools, rather than panning for gold.

We didn't want to worry about which of the dot.coms would strike gold. But we were sure that their suppliers like Cisco, Sun and Juniper would prosper.

~ Doug MacKay, co-manager of $1.46 billion Red Oak Technology Select Stock Fund, "Cornerstones; Doug MacKay likes brick-and-mortar companies, New Economy style," Barron's, August 14, 2000

(Red Oak Technology Select lost 90% of its value over the ensuing two years. MacKay is no longer at the helm and assets were $69 million as of June 30, 2011.)