Daily Speculations

The Web Site of Victor Niederhoffer & Laurel Kenner

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5/6/05

Dick Sears Weekly Update:
Oh Behave!

Mother's Day is such a universal imperative
that even the market behaved itself last
week. Mother mustn't be displeased.

All but four of the 29 GTI stocks had gains
for the week. Microvision's (MVIS) 21% led
the pack. Corning (GLW), which is at a new
52-week high, gained 7% and is now up
36% in the six weeks it has been in the
GTI (this time around).

We'll gladly take the GTI's Mother's Day gift
of 4.0%. Up weeks have been few and far
between this year. Even with it, the GTI is
still in the hole for 2005 by more than 13%.

Returns for Week Ended May 6:

Gilder Technology Index (GTI):  + 4.0%
Nasdaq Composite Index (NSD):  + 2.4%
S&P 500 Index (S&P): 
+ 1.3%

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  - 13.4% - 9.6% - 3.3%
Avg for 8+ yrs  8.4%  5.2% 5.6%
Last 52 wks - 7%  3% 7%
Since the high
of 3/06/00
- 82% - 61% - 23%
Since the low
of 10/09/02
207% 77% 51%

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.

This past week there were 29
companies in
the GTI. Advances vs. declines were:

25 up, 4 down, 0 unchanged.