If you are like me, suffering from the recent losses of the four most promising stocks in technology (Google (GOOG), Amazon (AMZN), Apple (AAPL) and Research in Motion (RIMM)), relax... there is some fresh rainbow forming on the horizon and it will be there by coming spring.
Read this Information week article; here's a bit I like most:
"Technology has been thrown out with everything right now," said Keith Wirtz, president and chief investment officer at Fifth Third Asset Management, which manages $22.5 billion. "They've gotten cheap again and I still think the core fundamentals look very attractive."
Apple, for example, trades at a multiple of about 22 times fiscal 2009 earnings, according to Reuters Estimates, which some say is low compared with its growth projections.
Fears that consumers will be less likely to buy sleek iPods or iPhones have weighed on the shares, but Wirtz sees it as a no-brainer that the quality of Apple's brand will keep it growing by 20 percent or more in the next two to three years.
Wirtz's fund holds shares in all four companies and added to positions in Apple and RIM on Wednesday.
"If you were concerned about valuation three days ago, that valuation concern has been taken out of the stock," Wirtz said of Apple, shares of which slid on a weak earnings forecast..."