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I'm beginning to build a substantial position in JBIL, now that the techs are getting a justly deserved hammering.

As I see it, many tech investors have, through force of habit, been whistling past the graveyard on the Asian fiasco. You can't always just "buy the dips" because sometimes the dips are the result of something less than transitory earnings worries, but a reflection of economic changes which can do great harm to high-flying stock valuations. I believe this is one of those events.

Nevertheless JBIL has now been knocked down to a reasonable level, and does appear to benefit from cheaper Asian parts and labor.

However, I am becoming convinced that tech is not the place to be in 1998. Instead, biotechnology is going to be the hot sector. This industry is where the PC industry was in the early 1980's, on the verge of explosive growth.

Look for stocks with new drugs on the verge of approval or rollout. Try Molecular Biosystems (MB) or Immunex (IMNX).

MB has a Fool folder and a website at www.mobi.com.
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