MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, August 4, 1999 Speaker Foresees Rough Year-end for the Dow What's the topic of discussion in Denver at Datalynx Discover '99? The majority of the break-out sessions revolved around the continuing education of advisors, with speakers addressing issues like "Where Privately-Managed Accounts and E-Commerce Connect" and "Positioning Your Advisory Firm in a Crowded Market." Ibbotson also conducted a day-long workshop on asset allocation. But some of the most interesting moments of the first two days came during the keynote address on Monday by Dr. John Stoessinger and the general session on Tuesday by Bob Cringely. Stoessinger, a professor of international affairs at Trinity College focused his address on what leadership might emerge for the global economy in the next century -- how today's potential leaders would have to change to meet the needs of an increasingly connected world. The highlight of his speech was after his prepared remarks were over when he shared his personal story with the audience. Stoessinger is a Holocaust survivor and the story of how he and his family escaped the war through Austria, Czechoslovakia, Russia and China, ending up in Iowa is too long to relate here. Suffice it to say that this reporter saw more than a few advisors wiping away tears over the course of the story -- the audience rose en masse at the conclusion to give Stoessinger a heartfelt ovation. Not your typical conference moment ... Cringely's address proved no less interesting -- as an innovator and veteran of the technology industry, he was able to give some context to the sea change that the Internet has brought to the financial services industry. Cringely, who will be hosting a new special for PBS on the Y2K question in the fall, was by far the most talked about speaker of the conference, answering an obviously fascinated audience's questions on the technology industry and the world's preparedness for the millennium. His breakout session consisted solely of Q & A, and could have lasted twice as long, drilling home the continued interest in technology and the confusion that the sector still brings to many advisors. Internet funds in general are not where he sees the best possibilities -- echoing the view of many analysts that many Internet companies will fail while a very few succeed, the next big thing might not even have been founded yet -- with many run by managers who just don't have the experience to see the longer term view, recent performance notwithstanding. One area he espoused as having great potential is the biotech sector, with the continued advances in the Human Genome Project. His executive summary of the Y2K problem underlines the main issue still involved for U.S. investors, the fear itself of the problem. "We'll lose 1000 points on the Dow at the end of the year ... maybe 2000, I guarantee it," said Cringely. "I think it will be a terrific buying opportunity and I hope people will see it that way. If people over-react, then we're in big trouble." Printed from: MFWire.com/story.asp?s=24500 Copyright 1999, InvestmentWires, Inc. All Rights Reserved |