Skittish Thurlow Liquidated Entire Portfolio Last Week

Thomas Thurlow got scared last week, so he moved his (THRGX)Thurlow Growth fund entirely into cash. Even though the Palo Alto, Calif.-based fund company isn't shy about taking on huge cash positions, Thurlow says this is the first time he's yanked all of the fund's money out of the market.

"The Nasdaq appeared to be in much more of a bearish tone," says the manager of the $10 million fund. "But I don't believe that the time is right for puts and shorts because there is so much news that jerks the market around. It's not clearly downward enough to make some drastic moves."

So Thurlow abandoned his once-loved Internet stocks. Since last week, he's reinvested part of that cash in financial service stocks while he waits for Net stocks to revive. ...