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

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 the market bottomed in October.

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

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 April 4, and another a week ago, Friday. What you're seeing today is probably that test, and I really don't think the market is going any lower - I'm defining the market as the Nasdaq.

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.

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

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

They are clearly lower risk now than they were.

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.