Phil Dow Quotations

I think it's still emotional and we've seen a manic depressive market. It has very little to do with the economy and my guess is it will wash out at some point ? I think we're getting close here.

We're trying to take advantage of value where we can see it, and there are some obvious places. Computer Associates ( CA : Research , Estimates ) is the third-largest independent software company. It trades at a P/E multiple on forward earnings. It's about a third of Microsoft's today. It's growing at about 16, 17 percent, trades for about 13 times earnings. We think it's a very attractive asset. We think it's a great one and could go up as much as 30, 40 percent in the coming year.

It's frightening if you chase performance. One reason why investors went into Japan is that they saw the markets perked up there.

But he (Fed chairman Alan Greenspan) also said they're still worried and they're not through tightening.

The main problem is things keep getting worse in the technology space.

Hopefully we'll see the economy slowing down by the summer and technology will take off.

Right now, technology represents about 24 percent of the capitalization of the S&P, ... My guess is we're headed up to maybe the 20s or maybe 30 percent. If you look back historically, leading groups can capture that much of the market and I think technology's driving the market right now.

If we have a series of big moves up, that would be a shock to the system, ... but, considering where are from a historical perspective, they could go up more gradually and not be a terrible headwind for the market.

This year, the market is trying to tell you to be selective. If you look at the stocks that have moved, it really has not been just 30 big stocks; it's been all asset classes, all styles -- value and growth have delivered. The ones that are really getting fundamental financial guide, post-traction are those that are delivering. So my guess is selectivity is the key, and I think you've got to be in kind of best-of-breed solutions right now.

Try to buy those kinds of names when they're out of favor and hold on to them for long periods of time,