Word: tech
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Dates: during 2000-2000
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...sell-off, rational or not, was very real evidence of the colossal shift by investors out of "old economy" stocks--brand-name, consumer-goods companies that make catsup and cornflakes and diapers and, yes, money--into "new economy" tech wonders that offer more promise than performance, but that nevertheless propelled the NASDAQ past 5,000 last week...
...partly a knee-jerk reaction to higher rates. But equally important is the massive portfolio shift from old-economy stocks to new-economy stocks that I wrote about last week. Investors are dumping anything that hasn't done well to chase high-flying tech stocks. Financial-services mutual funds are getting hit with redemptions; fund managers are selling bank stocks to pay off departing shareholders...
Tremendous value is now being created outside of the tech arena--and banks may be the most compelling. "If they're not, my family is way overinvested," quips Tom Johnson, CEO of mortgage lender Greenpoint Financial, whose stock has tumbled 60% and now carries its lowest PE ever, 7. Johnson says the whole sector carries "disaster prices" with no disaster in sight...
...secret, says Sergey Brin, 26, Google's Russian-born co-founder, is its unique search technology. In a kind of high-tech popularity contest, Google ranks search results not by how frequently or prominently the search term appears on a given page but by how often other pages on the Web link to the page with reference to that term. As a safety measure, Google also analyzes the words around the link to make sure they're relevant to the original query...
...thrill: a helicopter smashes into the face of the Statue of Liberty. That brings on an architectural restorer; her fiance, an N.Y.P.D. detective; and her former lover, a research neurologist who can repair brain damage and bad attitudes with a computer and molecular smart bombs. An ingenious bio-tech love triangle ensues, as does the hunt for a sadistic killer with an acetylene torch. Then it's back to the top of Lady Liberty for the climax, a breakneck update of the finale to Hitchcock's 1942 tingler, Saboteur...