Up in the Air
Dotcom stocks could be poised for a comeback.
Whether the result of savvy investing or short-term memory loss, Internet stocks appear to be climbing out of the rubble of the dotcom fallout. For the first half of 2003, companies large and small experienced a burst of investor interest that lifted many shares to their first real gains in three years.
Are dotcoms on the comeback trail? Depends whom you ask. The more pessimistic view sees the share increases as an intermittent stock market blip or the impact of short sellers waiting for the stocks to drop again. "Another minibubble," says Peter Doyle, chief investment strategist for Kinetics Asset Management Inc. in White Plains, New York, and manager of the Kinetics Internet Fund, an Internet-themed mutual fund. "It appears the lessons of the last craze weren't learned by the typical investor."
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