Дима, вот ссылка и цитата из интересного интервью с Bob Zuccaro, менеджером The Grand Prix Fund, где он говорит о фундаменталс примерно то же, что и ты (т.е. отрицает их особый смысл для технологических стоков). По-видимому, это верно, и вопрос в том, какие практические выводы из этого можно делать.

http://cbs.marketwatch.com/archive/20000223/news/current/molinski.htx?source=htx/http2_mw&dist=na

CBS.MW: Quantitative? Can you tell us about your investment strategy?

Zuccaro: We have a quantitative approach. We do not look at fundamentals. We are not making subjective judgments. It is virtually impossible to assess stock price valuations in the current environment. How can you project a stock going from a 10 price-to-earnings ratio to a 300 PE in a year? We have three selling guidelines -- we will sell a stock if it drops 10 percent from its highest price. We have sold 36 stocks that have later dropped an additional 25 to 82 percent. Also, if a better stock comes along, we'll buy it. And third, if there is any negative news on a stock, we will sell it. For example, we sold America Online in December because it wasn't moving up with the Internet group. We are quick to cut our losses. And we don't use target prices. We let stocks run as high as they want to.

Удачи. Александр.