Nobody has been willing to stick their neck out about when we’ll see a tech recovery and there’s no reason to think that Microsoft, with its conservative bias, would be any different.

It wasn’t a bad quarter,

I really do believe it’s time to buy and that’s sort of a change of position for me. We’ve always felt that we have to test the bottoms that we’ve seen. We had a bottom...

The preliminary indication is not that positive.

I have a feeling that things are going to slow down, with more of a transition phase this summer and we’re going to have a very good fall and winter.

It has been a very difficult 14 months for technology stocks,

If you look at the dynamics of the business, they’re continuing to grow, … If you start building out the business mode, it’s almost a cable company.

My gut feeling is the Nasdaq has made its low.

Obviously the tech stocks have been hit hard over the last few weeks, but I don’t think most people realize that this actual downdraft began in September of 1995, … These stocks have been getting...

I think to a certain extent it’s a bounce. These stocks have been down quite a bit.

More and more software, more and more corporate business is going to be stored and done over the Net, … And that’s where Oracle could do very well.

I don’t think we are going to see a big downdraft here. It’s going to be a more selective market. It’s been very easy, frankly, in technology over the past seven or eight months since...

This is not the industry it was five years ago. This is a healthy thing.

Euphoria can only go on for a certain amount of time. Eventually reality wins out.

Those are the ones that are very cyclical, and the economy has a big impact, but they become very cheap, … Companies like some of the commodity semiconductors, the integrated device technology types.

We’ve always felt that we were going to have to test the bottoms that we’ve seen. We think what you are seeing today is probably that test and we really don’t think that the market...

It may have gone a little too far, too fast,

Cisco is one of my bigger holdings,

We knew it was going to be a rocky opening after yesterday’s earnings reports but I think it was a very encouraging day. Valuations are reasonable but the fundamentals are going to get better.

Surprisingly I’m actually starting to pick at that area for the first time in a long time,

I don’t know if it [the stock drop] was warranted or not,

The market correctly saw that the economy was going to soften in the fourth quarter,

Cisco is one of my bigger holdings. But having said that, I would not buy the stock simply on valuation.

They are clearly lower risk now than they were.

It reflects the fact that this area has remained really robust.