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Dec. 23, 2004

Dick Sears: Weekly Commentary
Coming Down to the Wire

Yikes. I just learned that the market is closed
tomorrow. I had thought I had another day
to assemble my deathless prose.

I'm not complaining. It's good to know that
I have all of tomorrow to prepare for
Christmas. Nor do I begrudge a day off for
those who slave away on Wall Street. I've
been out of the work force for a long time,
but I haven't forgotten the importance
of R&R.

But I do have to dash something off.

The big news here continues to be the
GTI's struggle to cross the 2004 finish
line in the black. Thanks to its ninth gain
in the last ten weeks, it now has a margin
of 1.3% to carry into the year's final week.

We have a widely followed Gilder stock to
thank for the GTI's performance this week.
LNOP is on the move, with a 27% gain for
the week. And BWNG, also widely
followed in Gilderland, gained another
7% this week, putting it up more than
70% since the beginning of November.

And now, back to my eggnog and fruitcake.
Merry Christmas to you all.


Returns for Week Ended December 24

Gilder Technology Index (GTI):  + 1.2%
Nasdaq Composite Index (NSD):  + 1.2%
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 YTD   1.3% 7.8%    8.8%
Avg for 7+ yrs  10.6%  6.7% 6.3%
Last 52 wks 3% 10% 10%
Since the high
of 3/06/00
- 79% - 57% - 21%
Since the low
of 10/09/02
250% 94% 56%


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