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5. Nextel, a new holding as of your most recent statement, has run up 400% since early July. Does this stock still have room to grow?

I would rather not talk in depth about specific stocks, but I will comment on the telecommunication services industry as a whole. While I continue to think that this industry will take more time to work off some of the excesses that it built up during the "bubble era," there will be some consolidations that should help this process. There are good investment opportunities within this sector.

I do still own Nextel and continue to believe that they have good next-generation products and will have good pricing power as we continue to move closer to capacity.

6. You smartly lightened up on the Qualcomms of the world by second-quarter 2000. According to your statement at the end of the second quarter, your fund was fairly light technology. Does technology still look overvalued to you? If so, was the 32% gain in the Nasdaq a fool's rally?

As of the end of October, the Fund had a 13% position in technology, slightly underweight its custom benchmark. Exposure to this sector is both within outsourcing companies, an area that is running at 50% capacity and is expected to benefit from the recovery in the economy and through select hardware and equipment stocks.

While I believe that some technology stocks still trade at significant multiples, I invest one stock at a time, not sector by sector. I do still own Qualcomm(QCOM Quote) within the Hartford Capital Appreciation Fund and believe that once the 3G transition gains traction, this company will benefit.

I wouldn't say that the 32% gain in the Nasdaq was a fool's rally, but I do think that investor expectations still need to be revised downward in order for a sustainable rally to take hold.

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7. Another tech stock you own is Cisco. While Chambers & Co. has positioned the company well to improve during this downturn ($21 billion in cash helps), why is the stock a good buy now if information-technology spending looks so feeble and near-term growth doesn't look too promising?

The IT spending environment is very weak, and competition throughout the industry is intense. The software market is overbought, with lots of "shelfware" remaining. Typically, the third quarter is weak for software companies as summer limits deal-closing opportunities in Europe and the U.S. The impetus for improved IT spending will be improved corporate profits and an improving U.S. economy; nonetheless we do not expect a robust recovery.

With respect to Cisco(CSCO Quote), I continue to think that the company is well managed and remains one of the most defensive names among its competitors.

8. Hartford's Web site mentions that your fund subscribes to the WIDGO philosophy: When In Doubt, Get Out. Tell me about that sell discipline and how it has helped you avoid some big blowups of the past few years?

I will sell a stock when the price target is met or the upside is less than 25%, when the story changes or when I find a more attractive investment idea.

When I purchase a security, there is a "script" of how I think the company will fundamentally perform relative to its industry and competitors. At the first sign I have miscalculated the future course of events, I "get out."