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Daily Speculations The Web Site of Victor Niederhoffer & Laurel Kenner Dedicated to the scientific method, free markets, deflating ballyhoo, creating value, and laughter; a forum for us to use our meager abilities to make the world of specinvestments a better place. |
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7/2/04
Weekly Commentary by Dick Sears
Mid-Year Review
Here we are at the half way point of the year. It's time to grade the first semester performance of the Gilder stocks.
They have not done well (especially since the semiconductor stocks flunked their Thursday and Friday mid-terms so badly).
For the six month period, the GTI is down over 5%, at a time when the NASDAQ is breakeven, and the S&P has a small gain. (For month by month results, click here.)
I give the GTI a gentleman's grade, a C. It did poorly, but it might have done a lot worse. Certainly no disciplinary action is required.
And there's still plenty of time for it to turn the year around. It has the talent. It simply has to apply itself. Look at last year, when it went up 130%.
But enough resting on your laurels, Mister GTI. It's time for you to buckle down. You have six months left to distinguish yourself this year. On the brighter side of things, most Gilder portfolios have probably been doing better than the GTI. I'm up a hair, and I'd guess I'm well below average.
The reason is Qualcomm, which has a gain of 34%. The Mighty Q tends to be over weighted in Gilder portfolios. (It's more than a third of mine.) The more QCOM you have this year, the better you're doing.
But that's enough schoolwork for now. Class is dismissed. Enjoy the Fourth!
Returns
for Week Ended July 2
Gilder Technology Index (GTI):
- 3.2%
Nasdaq
Composite Index (NSD): - 0.9%
S&P 500 Index (S&P): - 0.8%