Morningstar Conference: Growth Managers Say Wireless Rings Their Bell

CHICAGO -- Apparently the three most important words in growth investing are wireless, wireless and wireless.

At the Morningstar Investment Conference Thursday, five top growth-fund managers were asked where they saw the ripest opportunities and each named at least one flavor of the wireless sector. Beyond wireless, however, the consensus stopped dead.

The speakers included some of last year's hottest managers whose aggressive focus on fast-growing, often pricey stocks hasn't worked out so well this year. On one panel were Warren Lammert ((JAMRX Quote)Janus Mercury), Howard Ward ((GABGX Quote)Gabelli Growth) and Arden Armstrong ((MACGX Quote)MAS Mid Cap Growth / (MCVAX Quote)MAS Small Cap Growth). On the other panel were two aggressive and tech-focused small-cap fund managers: Garrett Van Wagoner ((VWEGX Quote)Van Wagoner Emerging Growth / (VWMCX Quote)Van Wagoner Micro-Cap Growth) and reigning Morningstar Manager of the Year Jim Callinan ((RSEGX Quote)RS Emerging Growth). On average, these managers rode tech stocks to a stunning 172% return last year. ...