Markets go up and down, and through the latter part of 2000 and February of this year technology companies had a rough time of it. But just as we cautioned against irrational exuberance (to use Alan Greenspan's words) when the tech market was strong, we advise against despair when it's in a slump.

As always, the trick is to keep in mind the fundamentals. Technology, itself, is not a fad. It is badly needed and will not go away. That doesn't mean every gimmick is going to be long-lived.

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