BusinessWeek Online - October 19, 2004.

Portion of Interview with Pat O'Neil by Amy Stone/Jack Dierdorff

Q: How has your fund done so far this year and longer term?
A: When the market recovered last year, we were up 106%. That general market recovery stopped last January, and we're up 6% year to date (+22% for 2004). So you can see that our fund depends on a stable market to be able to make money. The tough year this year led me to open a second fund, targeting defensive investing, and our real-estate fund has done very well.

This is something people might consider on their own. We buy waterfront raw land and just tuck it away. There's an absolute limited amount of waterfront land, but there's a growing demand of baby boomers buying vacation property.

Q: How do you see tech stocks, other than the Net? Any you hold or see as buys?
A: In general, tech stocks have held up better than the Dow, and that means the Nasdaq index. The larger tech companies such as Intel (INTC ) make components that most technology companies must buy. Every technology product has chips. Consequently, we think chip stocks as a group will have a tremendous move with the economic recovery.

You can buy shares of index funds or exchange-traded funds that focus on either technology or the chip companies themselves. It's a good bet with minimal risk because a group of technology companies will never go bankrupt -- as might one individual company.

To read the complete interview, visit BusinessWeek Online at http://www.businessweek.com/bwdaily/dnflash/oct2004/nf20041019_3886_db006.htm