Except for a rare but
welcome sign of life
from Broadwing (BWNG), which swam
against the tide to a gain of 8%, it was
a truly depressing week. The GTI is at
a 7-1/2 month low.
Just think, three weeks ago I predicted
that we had hit bottom. Such hubris!
Nevertheless, I consider myself bloody
but unbowed.
But there is one thing that worries me.
I believe the market always knows what's
afoot, even if, as individuals, none of us
has a clue.
In this case, something is obviously
eating at the market. Is it possible, as
some suggest, that it has gone from
worrying about inflation to worrying
about a slowdown, without even a
pause in between, let alone a rally?
What an awful thought! No wonder
the market's depressed.
Returns for Week Ended
April 15:
Gilder Technology
Index (GTI): - 6.5%
Nasdaq Composite Index (NSD):
- 4.6%
S&P 500 Index (S&P): - 3.3%
Historical Returns:
|
|
GTI |
NSD |
S&P |
|
1997 (est'd) |
21% |
22% |
31% |
|
1998 (est'd) |
48% |
40% |
27% |
|
1999 |
284% |
86% |
20% |
|
2000 |
- 44% |
- 39% |
- 10% |
|
2001 |
- 43% |
- 21% |
- 13% |
|
2002 |
- 56% |
- 32% |
- 23% |
|
2003 |
130% |
50% |
26% |
|
2004 |
3% |
9% |
9% |
|
2005 to Date |
- 17.7% |
- 12.3% |
- 5.7% |
|
Avg for 8+ yrs |
7.8% |
4.8% |
5.4% |
|
Last 52 wks |
- 19% |
- 4% |
1% |
Since the high
of 3/06/00 |
- 83% |
- 62% |
- 25% |
Since the low
of 10/09/02 |
192% |
71% |
47% |
Makeup of the GTI:
The GTI companies are those
"Telecosm
Technologies" in the Gilder Technology
Report whose stock is readily available to
investors. If a company is not traded on the
NYSE, AMEX, or NASDAQ National Market,
it is not in the GTI.
The Dick Sears
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