Munder NetNet, up 36.9 percent for the quarter. Amerindo Technology, up 32.6 percent. Firsthand Technology Value, up 39 percent. In 1999, those three funds more than doubled; Amerindo rose an astonishing 249 percent, including reinvested dividends.
Since peaking in early 2000, all three funds were still down by 80 percent through the second quarter, despite their recent gains. Much the same was true for many other funds at the top of the quarter's lists of the best-performing specialized funds.
So a little skepticism is natural. Are the gains for tech funds, and the broader gains in the Nasdaq composite index, which rose 21 percent for the quarter, the start of a real rally in technology and Internet stocks? Or are they nothing more than what Wall Street inelegantly but descriptively calls a dead-cat bounce? In that case, the run-up will produce disappointment as shareholders wait for profits that never materialize.
Alex Berenson, "Technology Is Back, but Is It Here to Stay?," The New York Times, July 6, 2003
William Safire, "On Language," The New York Times, September 8, 2002
Mr Daim, in his statement from Kuala Lumpur, asserted meanwhile that the majority of quoted Malaysian companies were fundamentally strong, and predicted that the market would recover next week.
This view is disputed by many investment analysts and economists. Despite the evidence of buying interest yesterday, they said the rise was partly technical and cautioned against concluding that the recent falls in the market were at an end.
"This is what we call a 'dead cat bounce'," one broker said flatly.
Chris Sherwell, "Singapore stock market stages modest recovery after steep fall," Financial Times, December 7, 1985
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