The Mood of the H&Q Conference? It's the Mood of the Market

These tech execs and investors respond like traders to the swings in the equity markets. Today, they're glum. But tomorrow?

Everyone who's not at an investment banking conference wants to know the "tone" of the conference. This question always bugs me. As a rule, portfolio managers running around in the hallways of a conference haven't got a clue about the tone. The not-so-startling secret is that when the market's moving up, the tone is good. When the market is moving down, the tone is bad. Big-shot investors are a trailing indicator, not a leading one.

This week's Chase H&Q conference is no exception. A panel of buy-side investors couldn't have been more glum, with Essex Investments Chief Investment Officer Joseph McNay counseling prayer and Roger McNamee of Integral Capital Partners wondering aloud if it is time to panic. ...