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Author: NorthCarolinaKen Big red star, 1000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 38  
Subject: Re: Checkpoint Date: 1/11/2004 8:56 AM
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Hi Mike,

I think WIT was a bargain around $20 but I will not add to my position here. My style is to find companies like Wipro with wide open opportunity and low stock prices. These prices are no longer low.

On the other hand, economics will drive our relationships with India and China. Shifts like this have happened to the country for many decades. Consider that we developed and manufactured all consumer electronics until the Japanese took that away from us. There are people dislocated and hurt by these shifts but it isn't possible to protect them any any attempt just distorts and amplifies the damage. I have little concern for political intervention here and it wouldn't make any difference given my investment horizon.

I think the chief issue with any tech investing is the question of whether business and particularly American business will return to major technology investments. This is the one crucial issue. If investment returns to the relative scale of the mid '90s, before the Y2K and bubble excesses, we will be back in a major labor shortage in techology. There will not be enough people to do the technology work and labor will have to be imported and jobs exported. So I expect a push-pull relationship with India. Labor costs will pull and the lack of US talent will push. This is my fundamental thesis and why I invest so heavily in tech.

Great to see you are still around and best of luck in your investing.

Ken
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