The Chart du Jour

Equity in Drag

May 26, 2000

By, Barclay T. Leib

The attached article, "Are Pension Funds Looking at Real Alternative Investments, or Just Equity in Drag?, was researched and written for Hedgeworld.com when the Nasdaq was still trading toward the moon. One wonders if the recent slide in prices has taught any of these pension fund managers any real lessons. To date, we doubt it.

Have you heard the recent line: "If you don't buy Microsoft and Qualcomm here, I guess you've decided never to buy them." I heard several refrains of this up at 73 on Microsoft in early May when I was actually pointing to 73 as resistance (see May 1 Chart du Jour). I wonder what these people are now saying with Microsoft at 60 -- a level that actually does represent some temporary support.

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